This Article is About
improving your credit score
high interest rates
baby boomer generation
using credit cards
purchasing a car
big ticket items
credit score
credit scores
baby boomer
Improving Your Credit Score In Langhorne – What You Can Do
Join 1000's of Authors at StreetArticles Today!

The best way to go about purchasing a car or house is by financing these big-ticket items with a loan from a bank, credit union or private third party lenders. Good credit is essential for you to be successful with acquiring a loan. The post baby boomer generation grew up with more wants than needs and discovered that using credit cards to purchase goods helped them get what they wanted. While it is as easy as swiping a card to pay for something you want, the next step in the process was to pay for those purchases. Oops, many generation X's fell short of those responsibilities and the credit card companies in Langhorne slammed their customers with high interest rates and notified credit bureaus, ultimately damaging their credit scores.

Obviously, if you want to be granted a loan from a financial institution, you’d have to have a decent credit score and prove yourself worthy of repaying the loan. Those with credit scores under 650 may still get approved for a loan, but chances are they will be paying higher interest rates and stricter consequences may apply should they miss payments.

There are several things you can do to keep your credit score acceptable in the eyes of those who matter. Following these measures will help you increase your chances of qualifying for loans with lower interest rates.

Correct mistakes on your credit report. Mistakes by creditors are inevitable, and sometimes these errors appear on your credit report at no fault of your own. These accounting mistakes could be the reason you don’t get approved for a loan you’re applying for, so make sure you check your credit report periodically and correct any inaccuracies as soon as possible. Contacting retailers and fixing these errors could take time but is very important to you goal. So make sure you review your credit report for accuracy before you ever apply for a loan.

Pay your bills on time. People tend to procrastinate when paying their bills on time. This is definitely a bad practice and needs to stop. When your credit report shows missed or late bill payments within a 2 year window before you apply for a loan, this indicates to lenders that you may be a higher risk applicant.

If you have one or more credit card accounts, keep your balance to a manageable sum relative to your credit limit. Your cumulative balance should be below 25% of your credit limit and show monthly payment activity above the minimum balance due on the account. Your "creditability" depends on your cumulative balance-to-limit ratio, which means that the lower your cumulative balance is relative to your total credit limit, the higher your credit score will be.

If you’re seeking auto loans financing in Langhorne or perhaps requesting a private loan for college, it is wise to attempt way to improve your credit report prior to ever applying for any loans. Participate in a "How to Fix My Credit" seminar offered by a local financial consultant and gain a copy of your current credit report preferably a few months before you apply for your loan. That way, you will know exactly what lenders will see and how best to address potential red flags when you do apply for the loan.

Street Talk

No comments present
You May Also Like
3 Simple Ways to Raise Your Credit Score
Your credit really determines how reliable you are as a person when it comes to paying bills. Or, so they say. Truth is, paying your monthly bills on time can not guarantee a higher credit score. You can regularly pay all your monthly bills on time and still have a…
By: Scott Oberholser in  Finance  >  Personal Finance   Aug 05, 2011  
  Likes: 2

Car Insurance Secrets
Finding good, affordable car insurance can be tricky, and dealing with the insurance company can be even harder. Knowing some car insurance secrets can take some of the mystery and pain out of the process. Married or Single? While most people understand that car insurance rates are higher for males…
By: Evelyn Puerto in  Insurance  >  Car Auto   May 13, 2011  
  Likes: 0

How Can I Get Out Of Payday Loan Debt?
In the consolidation business you hear a lot of people asking “how can I get out of payday loan debt?” and the answer is always the same: through hard work! Still, there are some simple tricks that you can use in order to get rid of this debt. This is…
By: David Schmidt in  Finance  >  Debt Consolidation   Oct 31, 2012  
  Likes: 3

Saving for An Emergency
Emergencies can come at any time and in many different forms and can happen to any of us. Sometimes they are in the form of a wildfire, like the one Colorado has been battling for the past few weeks. Other times they can come in the form of a health…
By: David Schmidt in  Finance  >  Debt Management   Jul 09, 2012  
  Likes: 10

End Payday Loan Debt
Like most people we’re all feeling the effects of the economy – with the loss of jobs, companies that were supposed to be invincible have even gone out of business. Not to mention the looming fiscal cliff which happens at the end of this year – and if we go…
By: Leo E in  Finance  >  Debt Consolidation   Dec 20, 2012  
  Likes: 5

How Does Filing Bankruptcy In Florida Affect Your Credit Score?
Bankruptcy is the legal process of being forgiven for repaying your creditors the full amount of money you promised to pay them when they loaned that money to you. Since credit has everything to do with your financial responsibility and ability to repay loans, filing for bankruptcy will hurt your…
By: LOofJM in  Finance  >  Bankruptcy Lawyers   Jun 29, 2012  
  Likes: 0

Criticism On The Pay Day Loans In The UK
Payday loans in the UK are increasingly taking centre stage in the financial market due to the aid they give to local citizens. However, there are some critics who have come out strongly to object these services stating that they are horrendous and all they do is exploit the citizens.…
By: Jonny Haberdash in  Finance  >  Loans   Apr 04, 2012  
  Likes: 0

How To Find a Small Business Commercial Loan
Once upon a time when business owners could just walk into a bank and get a loan for the business based on their rapport with the bank and loan officer. However, with the downturn in the economy, it is sad to say that, that time appears to be over! Banks…
By: Reed Cambpell in  Finance  >  Loans   Dec 30, 2010  
  Likes: 0

3 Strategies For Reducing Your Current Debt
The No. 1 way of reducing debt is to reduce monthly expenditures. One way to recognize your potentially fatal spending habits is to keep a record of every expense made for one month. You might be surprised to know the result! At the end of each month, you could see…
By: David Dicristo in  Finance  >  Debt Management   Sep 17, 2012  
  Likes: 0

How to Get the Best Loan After Bankruptcy
Because getting financing at all is difficult with a bad credit history many focus solely on finding approval. While this is obviously the priority, you do want to try and improve your situation as best you can and look at how to get the best loan after bankruptcy you can…
By: Jennifer4 in  Finance  >  Bankruptcy Tips Advice   Nov 28, 2011  
  Likes: 0

Payday Loan Hell
In the Christian religion, and some other Judeo-Christian religions, the concept of “hell” has taken root. Many people fear hell in the afterlife and therefore maintain good relations while they are living. However, the people who are suffering with families every day are in their own type of hell on…
By: David Schmidt in  Finance  >  Debt Consolidation   Aug 30, 2012  
  Likes: 13

I Am Drowning In Payday Loans
A former colleague of mine was in the financial industry after the collapse of the economy in 2008. He was doing great until that year, but I never realized how far he had fallen until we spoke over the phone. He told me “I am drowning in payday loans” and…
By: David Schmidt in  Finance  >  Debt Management   Aug 15, 2013  
  Likes: 6

Learn How to Establish Credit
Having a credit history,good or bad, will allow you to move through the complex financial world we live in. But what if you don't have a credit history at all? For the most part, having no credit history is worse than having a poor credit history. But the question is…
By: Scott Oberholser in  Finance  >  Credit   Aug 22, 2011  
  Likes: 0

Debt Mangement for Londoners - Fundamental Techniques to Get Out Of Your Financial Rut
Debts can be difficult to pay off - this is a hard fact of life. A person who is on the verge of bankruptcy would do well to consider the long-term effects of non-payment, hence, debt consolidation is a must. Where multiple debts are involved, it is wise to resort…
By: Jack Oliver in  Finance  >  Debt Management   Oct 20, 2012  
  Likes: 0

Financial Planning – A Sign Of the Times
Retirement are you ready for it, did you plan well enough, where you informed enough? Fifteen years ago, invited to a seminar for small business, I discovered a fact I was unwilling to face. The seminar covered financial planning for the future, and our standard of preparedness. Being in a…
By: Rob Ainslie in  Home and Family  >  Retirement   Feb 26, 2012  
  Likes: 0

Article Views: 1472    Report this Article