Credit is important when applying for a credit card, loan, sometimes even a place to live. If you have bad credit and want to improve your score, first it's important to understand what impacts your credit score.
Ultimately, you have three different credit reports and scores from the three separate bureaus: Equifax, Experian, and TransUnion.
When you need money fast and have a bad credit score, Rapid Auto Loans can help as we never run a credit check. We simply ask for your vehicle title as collateral while you pay back your car title loan.
There are many things that can affect if your credit score is high or low, including:
The amount of outstanding credit you have is also important. Keep your credit usage to under 25%. Total your balances and divide it by the total available credit to calculate your usage percentage.
The length of credit history accounts for about 15% of your total score. This means that if you have a solid and stable credit history for many years then you will have a higher score than someone who only has had a card for a few months.
Your history of credit inquiries and new debt is calculated for about 10% of your total credit score. This means that if you are applying for several new loans or credit cards, your score may drop even if you're approved and are making payments on time.
Your history of payments including if you pay bills on time does affect your score. This includes any utility, phone, cable and internet, insurance, car payments, and store credit card bills. Paying your monthly bills on time and in full will increase your score while paying them partially or late will cause your score to lower.
The type of debt you have accounted for about 10% of the total score. The bureau generally sees installment debt such as car or student loans payments as not as detrimental as credit card debt.
Based on the FICO Score range of 300 to 850, a bad credit score is classified as 300-57 while anything from 580-669 is fair. This is known as subprime, which is the term used to describe borrowers they believe will have a hard time repaying back a loan. While getting a bad score can be disheartening, you can repair your bad credit for your financial future.
When you have bad credit, you will be given higher interest rates for loans you are approved for. You also may have trouble getting a mortgage as this is a large loan and with confidence that you can pay it, many lenders may not approve you for once.
While it may be hard to get a conventional loan, getting a car title loan with Rapid Auto Loan is easy with bad credit or not. When you're working on credit repair, don't use your credit cards and use our title loans for emergency cash. We simply use the value of your vehicle as collateral for your loan to get your approval quickly. Start the car title loan application from your home to help speed up the process.
Many people think that they can never go on vacation again after having kids or paying back student loans. They think it’s just too expensive. Factoring in the cost of plane tickets, hotel rooms, attractions, and food, it’s easy for costs to quickly add up. But that all depends on where you decide to go, and how you get there. Read on for some affordable vacation ideas for the thrifty family.
Life happens. Bills pile up and your car is on the brink. You could use some extra cash today, but the bank won't loan you because credit checks say you're a risky bet. Where do you turn for a quick personal loan? A car title loan offers fast cash for those with a vehicle as collateral. No credit check is necessary, and funds can be obtained in as little as one day.
Many people applying for auto title loans have the same question: Can I get a title loan with an older car? With Rapid Auto Loans, the short answer is, yes! Why should you be penalized because you don’t drive a newer car? But there are some considerations to be aware of. Here’s how you can qualify for an auto title loan.
Title loans can be a saving grace when money is tight. Not only do they provide instant cash without lengthy processing periods, but there is no need to provide a credit score. Getting a Florida title loan is just as easy, especially when using a convenient provider like Rapid Auto Loans.
Title Loans are more popular than ever. These days, it’s easy to get into debt. The problem is that many of the loans offered are long-term, high-interest loans. These will only cripple you. Auto title loans are a responsible way to access that extra money when you need it. They come with some great benefits over conventional loans. Here are 5 reasons why you should consider an auto title loan.
APPROVED LOAN AMOUNT
Credit investigative Fee
Documentary Stamp Tax
Total amount Financed
Original Loan Date
Monthly Payment (x12)
© 2022 Rapid Auto Loans. 954-836-1455