Despite what we may think, our credit doesn't get damaged overnight. Often, it is ignorance and neglect that causes such a negative impact on a credit score. Fortunately, we can help.
At Auto Credit Express, it's been our main priority since 1999 to help you improve the quality of your life by helping folks find affordable auto financing for any credit. One of the best ways we can help you with that is to help you climb out of the hole that these injured credit scores can leave you in.
That's why we want to take a few moments to tell you what exactly causes your score to drop to an unfavorable number.
The 3 Worst Things for Your Credit Report
If paying bills on time is what builds your credit; then the opposite can be said for what can tear down your score. Here are some situations you should avoid all together.
- Debt Collections
When a company cannot get the payment owed from you they often hire a third party to try and collect payment from you. This may not always be reflected on your credit report, but sometimes the collector or creditor will put a note on your report that other creditors could see.
Usually after 6 months or more of missing your payments, creditors may see your account as uncollectible. It will be charged-off and closed. The bad news? This stays on your credit report for seven years. This doesn't let you off the hook, though; this debt is still legal and as such can still be collected from you.
Filing for a bankruptcy allows you to legally remove all or some of your debt. The most common forms are a Chapter 7 and a Chapter 13. They both help you regain your balance financially, but at a cost to your credit. Bankruptcies will remain on your credit report for 7 to 10 years, so you may need help qualifiying for an auto loan with a bankruptcy.
If Your Score Already Dropped...
Don't lose hope! Everyday we help thousands of people all over the US and Canada get affordable bad credit auto financing.
We all need cars, trucks or SUVs right? Well, making on-time monthly payments on an auto loan also happens to be one of the best ways to rebuild your credit. You may think that you can't be helped at a dealership, but we have news for you: you can! It's all about going to the right dealer, which Auto Credit Express can help you with.
Complete our hassle free online application and we'll find a dealer that best suits your needs in your local area. It only takes three minutes, what do you have to lose?