Do Credit Repair Companies Work?

 

Do Credit Repair Companies Work?

You might be wondering do credit repair companies work? It’s tough to know how a company can help your individual issue, but insightful testimonials from other customers might make the process easier. Here are some testimonials of successes customers of Go Clean Credit have had in working with our credit repair programs.

Credit Repair

Do credit repair companies work to help you raise your credit score? In our experience in working with customers looking to increase their credit score, we’ve seen great success. One customer has seen their score increase from 519 to 650 in a short amount of time. This allowed the customer to secure a 30 year fixed mortgage at a great rate. We were also able to get an almost 4-point lower interest rate, which is the difference of about $350/month or $125,000 over the life of the loan. Another customer saw their score raise 120 points in less than 6 months.

With our programs that are tailored to your individual issue you too can see this kind of success. Sure credit repair takes time, but having a team who cares about your situation makes all the difference. Don’t take our word for it. Here’s a testimonial showing our credit repair programs work: “I just wanted to let you know what a good and quick job I think you are doing. I have been checking my credit on a regular basis and have watched it jump over 150 points in 3 months! Thank you for your help.” – Shay J.

Mortgage

All lenders for mortgages typically look for the same basic thing, your ability to repay the home loan. If you can afford to make your mortgage payments on time each month, there is not much for them to worry about. If you have good credit, you’ve been a good employer, have a positive history of income, and your assets are all in order you’ll qualify for a mortgage in no time. In our experience in working with customers looking to qualify for a mortgage, we’ve seen people increase their score and refinance a mortgage that makes sense for them.

In one case, one of our customers was able to buy another home and have their mortgage broker comment on how much his credit score has improved. Here is a testimonial showing our mortgage programs work: “I know everyone’s situation is different but for me personally they improved my score over 80 points in just a couple months and made my dream come true of being a homeowner. 4 months ago I would have never thought I would be in my dream home and just got a credit card with a 10k limit, in which I definitely will be more responsible this time.” – Mike P.

Bankruptcy

The process of filing personal bankruptcy can be a very stressful task, but once you’ve found the right person to help you it can be relieving. You’ll have to answer some tough questions about your finances currently and in the past. Having someone understand your situation can allow you to figure out how you can survive paying off your debts while maintaining a good standard of living. With our help, we can have you back on your feet in a reasonable time.

One customer we worked with was deciding to either file for bankruptcy or increase their credit score. Within 6 months we were able to raise their credit score 12o points and avoid the damaging result of filing for bankruptcy. Here is a testimonial showing our bankruptcy programs works: “I wanted to show my appreciation to your company. I came in with a fresh bankruptcy that was really hurting my life. My credit score actually went up after just two months of signing up with your service. Your help and support really helped me get in the right direction. Thank you Go Clean Credit!” – James V.


No matter what your situation, Go Clean Credit has a solution. We have many credit repair programs that are available to help you overcome your credit situation and place you back on the path to financial success. Real credit restoration is not a one size fits all model and we tailor your needs to the right program, but most people can start for just $99 per month.

We have fixed price programs that get you back on track in as little as 5 months, debt resolution solutions, programs geared toward people who have had recent short sales or foreclosures and many others. Help is just a free phone call away, or you can fill out an appointment request. Contact Go Clean Credit to schedule a free consultation today.

Top Credit Repair Companies in Miami, Florida

If you’re having trouble qualifying for loans, and you need to get back on your feet financially, we have a list of the top credit repair companies in Miami, Florida to help you along. It can be difficult determining which companies you can trust, and which ones are merely scams interested in swindling misinformed persons. Fortunately, there are legitimate credit repair companies that exist, and several of them conduct business in the Miami area.

Here is a list of top credit repair companies in Miami, Florida:

Go Clean Credit

Go Clean Credit has helped thousands of people restore their credit since 2003. They provide you with a free 15 min Credit Consultation to evaluate your current situation. Go Clean Credit works directly with individuals to ensure their credit is repaired in the most efficient way possible. Furthermore, their sole mission is your success. They understand it is extremely difficult to trust a credit repair company. Fortunately, Go Clean Credit has credit repair experts that will sit down with you and go over your credit issues step-by-step. Go Clean Credit is also financially-friendly, meaning you don’t have to spend big bucks to repair your credit. For these reasons and more, Go Clean Credit is the top credit repair company in Houston.

Prominent Financial Consultants

Prominent Financial Consultants offers specialized services in credit repair and identity theft restoration, real estate, taxes, and business creation, just to name a few. They will completely evaluate your credit reports and help you decide what’s the best option to ensure the fastest and most efficient results. Designed with the ultimate goal to change every client’s life, PFC seeks to provide the best strategies, information, and education needed to achieve all of your short and long term goals because the easy part is making money, its what you do with it that sets you apart.

Credit Glory

Credit Glory provides a free phone consultation to ensure their services will benefit your unique situation. They go after creditors and Bureaus on your behalf, handling all legal paperwork and document processing. If items are not removed on the first round of challenges, we customize and adapt our methods for the next, ultimately having success or your money back. If they are unable to delete any negative information from your credit report after 90 days of work, you may ask for a full refund. No questions asked.

Credit360

Credit360 is here to help you achieve your optimal credit profile by making the credit repair process convenient, individualized, and effective. They specialize in credit repair processes, credit expertise, and guaranteed customer service make them one of the best in the industry. Credit360 is a company that puts their money where our mouth is and only charges a fee when items are deleted, removed, or repaired from your credit report. With their 360 Repair, Rebuild, and Relax Credit Repair Program you will no longer have to use other expensive credit repair companies that charge monthly and don’t even produce results. They are so confident in our advanced disputing tactics that they will allow you to pay for your deletions after you actually see their results and they even give you a 100% money back guarantee to back it up just so you can relax.

Team Credit Fix

At Team Credit Fix their number one priority to their customers is to help them get their financial life back. We do this through constant education on the process of raising your credit score, rebuilding credit, debt settlement when needed and dealing with debt collectors. They believe that education is the key to restoring your credit. They are here to assist you with getting the things you want in life. Navigating the credit repair maze can be very challenging if you are not aware of all of the laws that regulate collectors, creditors and credit bureaus. Their job is to take that heavy burden off of your shoulders and do all of the work for you so you can be approved again.


For more information on the best credit repair companies in Miami, contact Go Clean Credit to get back on the right track. We have many credit repair programs that are available to help you overcome your credit situation and place you back on the path to financial success. Real credit restoration is not a one size fits all model and we tailor your needs to the right program, but most people can start for just $99 per month.

We have fixed price programs that get you back on track in as little as 5 months, debt resolution solutions, programs geared toward people who have had recent short sales or foreclosures and many others. Help is just a free phone call away or you can fill out an appointment request. Contact Go Clean Credit to schedule a free consultation today.

What To Look For In A Credit Repair Specialist

With the new year just around the bend, there’s no better time to start tending to your credit profile. There are a lot of companies out there claiming they can raise your credit score. However, there are a few things to consider before reaching out to just any credit repair specialist.

What Are Some Benefits Of Hiring A Credit Repair Specialist?

Hiring a specialist to repair your credit can be a life-changing experience. This is especially true if you’ve had some financial troubles that may have negatively affected your credit report in the past. Negative remarks may include any of the following:

  • collection accounts
  • judgments
  • identity theft
  • late payments
  • high balances and maxed out accounts
  • tax liens
  • student loans
  • charge-offs
  • mortgages

Cleaning up your credit can leave you with a clean slate. This will save you money, lower your interest rates and improve your acceptance rates for future credit.

What To Look For When Investigating

Not all credit repair is created equal. With some companies, you will begin to see your score climb the charts within a couple of months. Often, this improvement continues. However, some consumers don’t have such good luck. That’s why it’s nice to know what to look for before delving in.

1. Don’t Just Wait And See What Happens.

Almost anyone who is seeking credit repair would prefer to see results fast. Legit agencies are able to provide you with a time frame for seeing results, based on the tier of the plan you choose. The time lapse should also depend on the level of damage your credit may have incurred. Results can be seen within a few weeks to a year. If you must wait and see, then it’s better to choose another agency.

2. They Should Be Prepared To Work With An Attorney If Necessary.

Credit repair can usually be completed without the help of an attorney. However, that’s not to say the agency shouldn’t know when to use one. For example, there are many cases in which creditors, collection agencies and even credit bureaus break the law. It may be in the form of wrongfully attaining personal information, breach of contract or something else.
In such cases, an attorney should become involved, and it can make things much smoother, as opposed to dealing with legal issues on your own.

3. Seek References And Testimonials.

It’s true that each consumer experience is unique. Therefore, reviews are bound to be varied. However, when reading online reviews, there may be red flags you shouldn’t ignore. For instance, if you notice reviews from customers who waited a long time only to have little or no results, feel free to ask the specialist to explain. You can also ask for real references who have used the company’s services.
If the company hasn’t responded to others or is unable to provide you with logical explanations, then keep searching.

4. There Should Be A Custom Process.

No two customers have the same credit profile. Therefore, the repair process should not be one-size-fits-all. If the agency isn’t able to provide you with a strategic plan for you, then chances are it’s not an effective company.

5. Weed Out Companies Who Have A Delay Incentive.

You’ll notice that many credit repair providers require a monthly plan. This locks you in for the long-term and doesn’t insure results in a minimal amount of time. It’s best to work with a company with fixed price plans. This means they offer you one price that isn’t subject to increase during the process. It also means there’s no lingering, and you pay exactly what was projected.

6. Ask About A Money Back Guarantee.

It’s not common to find a company offering this type of guarantee. However, you should seek one who does if quality is your goal. If you haven’t achieved the projected results within the allotted time frame, they should be willing to work with you. This should involve issuing a refund or working with you further to achieve results.

7. Question Companies Who Offer A Definite Score.

You’ll run across aggressive and optimistic salesmen who may offer you a definite credit score. Consumers should know that it is illegal to state a specific score. Choose a company that will offer you a score range instead.

8. Ask About Your Involvement.

If a specialist claims to be able to achieve your credit repair goals without you, then there’s a need for concern. You are required to respond to requests and give consent throughout the process.

Searching for the right credit repair specialist can be a daunting process. Using the above tips, you can rest assured that you’ll find a company that’s reputable and effective.


No matter what your situation, Go Clean Credit has a solution. We have many credit repair programs that are available to help you overcome your credit situation and place you back on the path to financial success. Real credit restoration is not a one size fits all model and we tailor your needs to the right program, but most people can start for just $99 per month.

We have fixed price programs that get you back on track in as little as 5 months, debt resolution solutions, programs geared toward people who have had recent short sales or foreclosures and many others. Help is just a free phone call away, or you can fill out an appointment request. Contact Go Clean Credit to schedule a free consultation today.

Top Credit Repair Companies in Houston, Texas

Top Credit Repair Companies in Houston, Texas

Finding a legitimate credit repair company can be a particularly arduous task. It can be difficult determining which companies you can trust, and which ones are merely scams interested in swindling misinformed persons. Fortunately, there are legitimate credit repair companies that exist, and several of them conduct business in the Houston area.

Here is a list of top credit repair companies in Houston, Texas:

Go Clean Credit

Go Clean Credit has helped thousands of people restore their credit since 2003. They provide you with a free 15 min Credit Consultation to evaluate your current situation. Go Clean Credit works directly with individuals to ensure their credit is repaired in the most efficient way possible. Furthermore, their sole mission is your success. They understand it is extremely difficult to trust a credit repair company. Fortunately, Go Clean Credit has credit repair experts that will sit down with you and go over your credit issues step-by-step. Go Clean Credit is also financially-friendly, meaning you don’t have to spend big bucks to repair your credit. For these reasons and more, Go Clean Credit is the top credit repair company in Houston.

ASAP Credit Repair

ASAP Credit Repair will evaluate your credit reports for free to determine what exactly they will be able to dispute and to give you an idea on time frame and expectations. They are not just here to repair your credit. They will completely evaluate your credit reports and help you decide what’s the best option to ensure the fastest and most efficient results.

Credit Glory

Credit Glory provides a free phone consultation to ensure their services will benefit your unique situation. They go after creditors and Bureaus on your behalf, handling all legal paperwork and document processing. If items are not removed on the first round of challenges, we customize and adapt our methods for the next, ultimately having success or your money back. If they are unable to delete any negative information from your credit report after 90 days of work, you may ask for a full refund. No questions asked.

ANG Credit Solutions

ANG Credit Solutions understands how difficult it is to make significant purchases and secure the credit you need for them when you have a credit history that is less than perfect. They recognize that bad things sometimes happen to good people, for instance being laid off in work and losing your source of steady income. That is why ANG credit repair experts provide a fast credit repair and go the extra mile to help you improve your credit rating in any way they can. There are a number of credit repair companies who will make unrealistic promises, but they will work with you by providing result-oriented services so you can get back on your feet and have your credit rating work for you instead of against you.

The Credit Agents

The Credit Agents are a professional credit repair company based out of Houston, TX that has been in business for over 5 years. Their goal is to help as many families as possible to become homeowners by helping them to improve their credit through their results-driven credit repair program. They also believe in one-on-one service and that when you call with a question or concern, that you speak with a real person. If you’re looking for a company that will do everything they can to help you achieve your goals, then you’ve come to the right place.


For more information on the best credit repair companies in Houston, contact Go Clean Credit to get back on the right track. We have many credit repair programs that are available to help you overcome your credit situation and place you back on the path to financial success. Real credit restoration is not a one size fits all model and we tailor your needs to the right program, but most people can start for just $99 per month.

We have fixed price programs that get you back on track in as little as 5 months, debt resolution solutions, programs geared toward people who have had recent short sales or foreclosures and many others. Help is just a free phone call away or you can fill out an appointment request. Contact Go Clean Credit to schedule a free consultation today.

How Does Credit Repair Work

how does credit repair work

There are many things that can have a negative impact on your credit score. Over time it is possible to see this score decline as a result of one or more of these things. Many people are not aware of what their score actually is which an important first step in the repair process is. Having your score ran by one of the top providers will help you to understand what your status is. This is also a good way to put together a repair plan. Consumers often ask how does credit repair work because this is a complex issue.

Consulting experts in the field is usually the best approach to getting this information. These are companies, such as Go Clean Credit that specialize in the restoration of credit scores. They can educate you about the meaning of your score and its implications. Along with this information, these are professionals who will develop a plan to repair the credit. These services also focus on instructing clients about better ways to deal with their credit over the long-term.

Top Things that Hurt Credit Scores

According to Money Crashers, the different things that hurt credit scores result in not only a lower number. This is a reason why finding experts to assist you with repairing credit is critical. Learning the process of how does credit repair work is necessary to see these numbers increase. In most instances, this will take time, research, and consistency in managing existing debt. Let’s take a look at some of the top things that hurt credit scores:

* Late or Missed Payments

* Unemployment Status

* Property Liens

* Inaccurate Credit Information

Steps to Repair Credit Scores

There are credit repair companies in virtually every state in the country. These are experts in most instances when it comes to investigating and evaluating credit reports. There are times when you are unfamiliar with entries on your report. Most companies that perform repair services will run reports from all of the major credit bureaus. There are opportunities to remove negative entries as it relates to old and existing debts. The status of the report will impact the length of time a restoration takes.

Preventing Future Damage

Working with the right credit repair company should benefit you for the future. The ultimate goal is to do more than remove negative entries. It involves preventing future damage to these scores. These specialists will show you how to adopt habits that will consistently maintain good credit. This involves paying debts on time, reducing the amount of credit you apply for. Both of these can result in reduced scores for consumers. The education component to these services is extremely important.

Adopting Better Habits

Go Clean Credit assists their clients with setting goals for the future. These focus on short-term and long-term objectives. The ability to adopt better spending and credit habits is essential to these accomplishments. This restoration company helps by customizing a Game Plan that establishes ways to constantly build good credit. Their 10+ years of experience in this field works to benefit clients with an array of goals and with purchasing needs. Positive results build your overall creditworthiness.

Reviewing Your Credit Score

Studies have shown that the best recommendation is to review your credit score annually. This does more than show you what the score is. It allows you to determine if there are inaccuracies on the report. Experts say that 79% of the time, these errors exists on these reports. These can only be addressed and removed when consumers know they are there. Collaborating with repair professionals is the best way to respond to these errors effectively.

They will work to represent you in a variety of ways. In some cases, this requires going after creditors for reporting errors. There are also times when legal documentation is necessary to repair credit scores. Each client’s situation will be different and may require different strategies. The time required to do this restoration work is crucial and complex. Investing in these services will help you to maintain your credit by applying better education and practices for your future.


No matter what your situation, Go Clean Credit has a solution. We have many credit repair programs that are available to help you overcome your credit situation and place you back on the path to financial success. Real credit restoration is not a one size fits all model and we tailor your needs to the right program, but most people can start for just $99 per month.

We have fixed price programs that get you back on track in as little as 5 months, debt resolution solutions, programs geared toward people who have had recent short sales or foreclosures and many others. Help is just a free phone call away or you can fill out an appointment request. Contact Go Clean Credit to schedule a free consultation today.

Best Credit Repair Companies in Glendale, Arizona

Are you trying to raise your credit score, but feel lost? Are you struggling to find the right people to do the job? Luckily, we have compiled a list of the top credit repair companies in Glendale, Arizona, to help guide you.

Best Credit Repair Companies in Glendale, Arizona

Go Clean Credit

Go Clean Credit has offered personalized credit correction services as one of the top credit repair companies in Glendale. Restoring your credit can be an intimidating task. Thankfully, Go Clean Credit takes a hands-on approach to meet your needs. Go Clean Credit is a trusted and reliable source, ready to help you deal with all of your credit-related issues. Additionally, Go Clean Credit utilizes a client-centered approach that pairs credit restoration with credit education to keep you on the correct path. Go Clean Credit is one of the top credit repair companies in Glendale for good reason!

Credit Repair

CreditRepair.com is dedicated to helping you develop a healthier relationship with your credit. Their focus is on you, your story, and your determination to make a change. They want to empower you to make a significant, long-lasting lifestyle change that can give you access to your financial dreams. Lifetime score improvement is more than just removing negative items on your report – they’ll repair your credit history, and do it better than the rest – but they’re focused on the story behind that credit score and helping rewrite it to reflect who you are today. They believe in creating a customized Game Plan specifically with your credit goals in mind. Rest assured they employ the fastest, most effective approach to credit repair.

Money Management International

For as long as Money Management International and their predecessors have been around, their purpose has been leading folks in all walks of life through financial and economic challenges and bringing them to a safer, more comfortable place. As a nonprofit, they strive to deliver this aid without bias, without restriction, and without judgment. They exist to serve the families and individuals who need us. Your prosperity is our success. As educators, they strive to go beyond simple fixes and provide our clients with the skills and understanding necessary to overcome today’s challenge and avoid tomorrow’s setbacks. MMI aims to create consumers that can solve their own problems, but never hesitate to reach out for help when their burdens are too great to bear alone.

The Credit Repairmen

The Credit Repairmen focus on Credit Education, focusing on specific things to do and not do for a better credit score – all while building helpful positive credit. They give you access to your own personalized dashboard so that you can track your progress in real time. They are highly trained, registered, bonded and respected experts in credit repair and they make sure your credit is fixed for good so that you aren’t held back again. Their credit repair system is a multi-step step process that puts the power of having good credit back in your hands. They start with a free evaluation and identify the items that are hurting your credit score. They follow that with multiple investigations of those negative items.

Anytime Credit Repair

For 10+ years, Anytime Credit Repair has been in the credit repair industry. Previously, their team worked for one of the largest debt collection agencies in the US. They understand both sides of the fight and use that knowledge to advocate on your behalf. At Anytime they increase your score by removing inaccuracies. Credit reports contain errors 79% of the time. Signing up takes minutes; they only need a few pieces of info and a credit report from each Bureau to start (they’ll show you where to get these). They go after creditors and Bureaus on your behalf, handling all legal paperwork and document processing. If items are not removed on the first round of challenges, they customize and adapt our methods for the next, ultimately having success or your money back.


For more information on the best credit repair companies in Glendale, contact Go Clean Credit to get back on the right track. We have many credit repair programs that are available to help you overcome your credit situation and place you back on the path to financial success. Real credit restoration is not a one size fits all model and we tailor your needs to the right program, but most people can start for just $99 per month.

We have fixed price programs that get you back on track in as little as 5 months, debt resolution solutions, programs geared toward people who have had recent short sales or foreclosures and many others. Help is just a free phone call away or you can fill out an appointment request. Contact Go Clean Credit to schedule a free consultation today.

Is it Possible to Finance Equipment with Bad Credit?

If you are a company that has bad credit and you are looking to finance equipment for your business you might be wondering if you will be successful in getting the right lease or loan? Bad credit can be defined as having a credit score between 550 and 620, which means you are a high credit risk to lenders. In order for you to finance equipment with bad credit, you have to prove you are not a high risk. You are able to do this by raising your score overtime or you can start by taking the negative information off of your report. Show that you have a better payment history over the past couple of months and you’re working towards being a better borrower.

What’s better, a bank or an alternative lender?

If you have less than a 620 FICO score, you are unlikely to be a candidate for a loan from a traditional lending institution like a bank. Equipment financing with bad credit, however, is much easier with alternative lenders, like Charter Capital. A lender like Charter is a better route to follow because they will have more lenient requirements. At one time or another, just about every active business will face the challenge of replacing an old piece of equipment or a software program or acquiring new widget machine to help keep their business competitive or to accommodate growth. These are good challenges to have. The challenge that’s not so good is figuring out how you’re going to pay for it. What you really need it to know what your options are and that’s where Charter Capital can help.

When a customer applies for a loan or a lease, Charter creates an individual transaction profile that identifies all of the major decision components used by our lenders. We match that against profile against our Matrix to determine the best lenders for that customer’s specific need and present that information to our customer so they can make an intelligent choice. When a customer with bad credit asks for assistance the process is still the same.

A few steps to repair your credit score:

There are a few things you can do to lower your borrowing risk if you want to better your chances of getting approved. One thing you can do is show that your business is booming. If you can show that your business has been increasing over the past couple of months lenders may be more forgiving when it comes to bad credit. Another thing you can do is find someone who is willing to be a trusted cosigner. This person should be someone who has a better credit score than you because this will allow for a more desirable rate. Lastly, you can make a big downpayment from the beginning. Lowering the loan amount from the very beginning will show lenders you’re committed to paying it off quickly. 

Financing equipment with a bad credit score might be challenging, but you have the opportunity to improve your score in the process. Follow the simple steps to achieve a better credit score and in turn, you will prove you are not a risky borrower.

Why Is My Credit Score Dropping?

I am trying to repair my credit, but it keeps on falling. What am I doing wrong? Why is my credit score dropping?

Five Credit Score Factors

Banks have their own precise terminology and ways of doing things that can be confusing to the Average Joe. You might be surprised to know that the Fair Isaacs Company (FICO) credit score was used for years before the financial industry told anyone about it. For some, the calculation method for credit scores is a bit arcane, cryptic and Byzantine.

You need to understand how your credit score is calculated before you can fix it. A credit score dropping could be a sign of many problems. To start with, here are the five factors used to calculate the credit score, along with the weight, it has been given:

  • Payment History is 35%
  • Credit Utilization Ratio is 30%
  • Credit History Length is 15%
  • New Credit is 10%
  • Credit Type is 10%

Some of these calculations are counter-intuitive; for instance, you might have very good intentions in repairing your credit, but your actions might be causing it to fall. What are some concrete examples of how this can happen?

Closing Credit Card

You might have worked diligently to pay off an entire credit card. Then, you might have closed the credit card account, thinking that your score would rise. Unfortunately, by closing your account, you have reduced the amount of credit available, so your score might drop.

Missing Payments

Sometimes, it might take time for a negative mark to be added to your report. A court might have issued an order that lowered your score. You should check your credit report every year.

Applying for Credit

Here is another one that is counter-intuitive. Every time that you apply for a loan, your credit score might fall a little. Why? Banks believe that those who apply for loans regularly are having problems paying their bills. Financial institutions might see your loan application as a cry for help. You need to time your loan applications carefully.

Maxed Out Credit Card

If you are trying to repair your credit, you might try to max out an entire account. Once again, this might not be the wisest decision. Your credit score dropping could be due to having too much debt on one account. The best course of action is to have 33% to 40% of credit available on each card. This makes it look like you are faithfully handling your financial responsibilities. Financial institutions keep very good track of everything that you do.

Credit Repair Services

Credit scores are vital to all facets of your life. Unfortunately, the arcane credit score system can be very difficult to comprehend. Fortunately, you can contact professional credit repair services to help you raise your score.

Whose Credit Score Is Used On A Joint Auto Loan?

There is a multitude of reasons why someone may choose to apply for a joint auto loan. Some of those reasons include having poor credit, limited credit history, or insufficient income to purchase a car individually. Regardless of the reason, one seeks a joint auto loan, there are several questions will come to mind.

Whose credit score is used on a joint auto loan?

The question of whose credit score is used on a joint auto loan is probably one of the most important. Incomes can be combined, but credit scores, unfortunately, cannot. The truth is that it is important for both parties to have an acceptable credit score and payment history. The lender is taking both applicants’ credit history and financials. Both applicants will be listed on the loan, car title, and will share responsibility for repayment.

What are the benefits of getting a joint auto loan?

A joint auto loan can help you get approved for a car loan you could not qualify for on your own otherwise. This can include a larger loan amount as well as a lower interest rate (APR). Lower interest rates on loans mean that you pay less interest over the lifetime of the loan.

Is a joint auto loan the same as having a cosigner?

The short answer is no. In some ways, getting a cosigner is like a joint auto loan. This is because in both cases it can help you get a loan approval. However, a joint auto loan means that both parties own the car and are responsible for repaying the loan. Joint auto loan applicants both share responsibility for damages caused should there be a car accident. A cosigner does not share joint ownership of the car, however, has a liability to repay the loan if the main applicant fails to make payments. A cosigner with excellent credit can improve your chances of being approved for a loan while allowing you to retain full ownership of your new vehicle.

Can I remove a joint applicant or cosigner?

If you improve your credit and financial situation, you can greatly increase your chances of getting an independent loan approval. You can re-finance auto loans and transfer to sole ownership if you meet the requirements to qualify for an auto loan on your own. Poor credit is not a lifetime sentence. There are several ways you can improve your credit history and credit score. The most important part is having the dedication to do what it takes.

Credit Score of 520: Home Loans, Auto Loans & More

Your credit score is a golden number that can make you or break you when it comes to getting approvals for the things you want in life. Your credit score can be positive enough to get an okay on a car you always wanted, or it can be low enough to cause lenders to turn you down perpetually. If you have a 520 credit score, you may qualify for some things, but the lending criteria will be much different for you than it will be for some other people. The following is some additional information about the 520 score.

The FICO Scaled

FICO is easily the most commonly used credit rating system that exists. If you have a 520 rating, it means that you are lower than the middle score between 350 and 800. The category that creditors will put you in at that point is the poor credit category. A score like that usually has a strong delinquency behind it. You can recover by getting some credit and then making faithful payments no matter what’s going on in your life. If you plug away for six to 12 months, you should see a significant rise in your score. Until then, you may have some difficulty getting the financial products that you desire at a rate that you can appreciate.

What 520 Means for Personal Loans

A personal loan lender will approach your credit score in one of three ways. This type of lender may outright deny you. The second option that the lender may take is an option to request collateral from you. The collateral may be something such as a title lien that you allow them to get or a home deed. The other approach they may take is charging you an extremely high-interest rate. For example, you may get the loan, but your interest rate might be 20 percent as opposed to 6 percent.

How a 520 Affects a Car Note

Car dealerships work with just about anyone. Your success depends on the dealership that you go to. You do want to get a car, but you don’t want to get into a deal that you can’t afford. Therefore, you must take your time, conduct thorough research and negotiate for yourself.

What You Can Do About a 520

You can start building up your score once you get the opportunity to utilize credit responsibly. Timely payments make up a huge portion of your credit score, so you want to make sure you make your payments swiftly, and you never get behind. One bad payment can push your score back many points, so you want to avoid that like the plague.

A credit repair service can also help you to boost your credit and get back on the radar as a responsible payer. Experts who offer these services can help you get back on your feet and obtain the buying power that you once before had. Call for a consultation to see how they can assist you today.