As a New Yorker, you know that you live in the greatest city in the world. You have easy access to great restaurants, entertainment, museums and shopping. But living in New York City is expensive, so even if you have a great income, you may find yourself facing bad credit.
How Good Credit Goes Bad in NYC
Maybe you missed a few rent payments on an apartment that you really couldn't afford. Or, perhaps the high cost of living prompted you to open too many credit cards. If your debt became too unmanageable, you may have even declared bankruptcy.
Whatever the case may be, you have bad credit and you want to restore your rating. Who could blame you? Having compromised credit can prevent you from getting that great apartment, inhibit your ability to get financing for big purchases, and possibly limit your job opportunities. You want your credit fixed, and you want it fixed now. How can you start to repair the damage?
Get Current with Your Bills
This one is crucial. If you know that you're behind, create a budget plan and put your saved dollars towards your debt. After you are caught up, organize a bill paying schedule to ensure that you're on time, every time with your financial obligations. And don't stop saving. Having an emergency fund is a smart way to avoid future money problems.
Pay Down High Credit Card Balances
Ideally, you should be using no more than 30% of your available credit at any given time. If you're up to 50% or more on your spending limits, or if you have cards that are maxed out, your credit score will drop even if you are paying your bills on time. This is because your utilization ratio is off balance, and it looks like you are relying too much on credit.
Get a Bad Credit Auto Loan
Believe it or not, there are several compelling reasons to consider owning a car in New York City, especially if you have a family. And after you purchase your new or used car, truck or SUV, your credit score will grow with every timely payment you make on your loan. Are you wary of making a huge commitment to car ownership? Leasing and rent-to-own options may be available.
Unfortunately, really bad credit can't be completely repaired in a "New York Minute," but with the right plan in place, you could see positive results well before your cable issues are finally resolved.
Reasons to Own a Car in the City
Yes, you can walk or take the subway to almost anywhere in New York, New York. However, what happens if you want or need to leave the city? Or, what if you have kids to shuffle around? Some New Yorkers live their whole lives without ever owning a vehicle, while others definitely benefit from having regular access to private transportation.
Do You do a Lot of Grocery Shopping?
Yes, there is a bodega just around the corner, but it is definitely more economical to get big hauls from larger stores. With your own vehicle, you can shop anywhere you like and buy as much as you want during a single trip.
Do You Need to Transport Young Children?
If your daily routine involves taking kids to school, play dates and to a variety of other activities, relying on public transportation can be inconvenient. It may also be unsafe if you're juggling multiple little ones. If you have a car, your entire family will always be able to ride comfortably and securely.
Do You Ever Want to Get Away?
The city may be great, but everyone needs a break from the bustle every once in a while. Besides, New York State has plenty to offer in the way of things to see and do. For example, South Mountain Recreation Complex is only 20 minutes from Manhattan. You may also want to visit Niagara Falls, Finger Lakes or schedule a camping getaway at Letchworth State Park.
Are You Tired of the R Train?
Any train can be a hassle if you go to certain places in the city because some destinations are harder to get to by subway than others. For example, if you work in a distant part of Brooklyn, your morning commute may not always be reliable. If you are able to drive yourself, you will enjoy the convenience of being on your own time.
Do You Have Familial Obligations?
Many New Yorkers are transplanted from someplace else, and this means that they may have family outside of the city or in a different state. Yes, there are planes, but air travel may not always work with your schedule.
So, there are definitely reasons to get behind the wheel in New York City. And if you want to rebuild your bad credit, getting approved for an auto loan will serve two valuable purposes.
The Right Financing for Busy New Yorkers
Whether you're interested in buying a vehicle, leasing a car or exploring a rent-to-own option, Auto Credit Express can match you with a dealer. Even if your credit is severely damaged, we help you find a financing solution.
Just fill out our fast and secure online application to get started today.