Raise Your Credit Score and Take Charge of Your Future
You would be surprised at how many people have credit challenges right now. You are not alone. Millions of Americans have some sort of credit challenge but the good news is, there is a way forward and we want to share it with you! We have personally used this system to help others improve their credit score and we are happy to share this information with you to help you improve yours.
How Did You Get Here?
Knowing how you got here is the first step to effectively improving credit. Common reasons for bad credit scores are:
- Having “negative” marks on your credit report such as missed payments, collections, bankruptcy, tax liens, repossessions, foreclosures, identity theft, mistakes, divorce.
- No “negative” marks, but you do have debts. For example carrying high balances compared to debt limit, too many accounts of a certain type open, debt to income ratio too high, overuse of revolving credit lines.
- Your credit history is too short. Your lack of credit history is hurting you but don’t get discouraged, you are just getting started.
No matter how you got here it is our goal to help you get back on track. Nothing makes us happier than helping someone establish their credit. We have more lending options than any other dealership in Wichita, KS and have lenders for all situations. Plus, we own our own financial institution that allows us to make a lot of our own decisions in regards to your financing.
Understanding How Credit Affects You
Having a credit score below 620 will end up costing you every time. You will end up paying significantly more (in interest and as a downpayment) and have higher monthly payments than someone with a good score would end up paying for the exact same item. “Banks believe that credit scores – i.e. past financial behavior – are a good indication of an individual’s future financial behavior. Whether or not you agree with that statement, the negative effects of having bad credit are undeniable” – Yahoo Finance. Here are a few examples of how negative credit may have an impact on you: price of car insurance, getting a job, ability to get housing, professional licensing, ability to get utilities, property insurance.
It starts with…De-coding Your Score. Your credit score is simply a number that helps banks know how likely you are to default on a loan. This number is calculated by looking at your credit report and nothing else. So by improving your credit report = raise your credit score.
Overcome Credit Challenges Through Proven Techniques
We have seen some people jump their score by as much as 100 points in one month – it takes work but it’s worth it. So where do you start?
- Get a free, full copy of your credit report from all 3 credit bureaus (Equifax, Experian and TransUnion). Under federal law you are entitled to one free credit report every year. But be careful, don’t use one of the “free credit report” websites. They are not truly free and are designed to sell you services. Instead, contact the central source by visiting www.AnnualCreditReport.com.
- Go through your credit report(s). Take your time! Find a quiet place with few to none distractions. You’ll need to think through anything that you might see as a problem or mistake. Mistakes occasionally happen that someone else’s negative credit will show up as a part of your credit report.
- Identify the items on your report that are creating the negative marks. Look for late payments, credit collections, and high balance to debt ratio credit lines. For example, if you have a credit line of $1,000 and you have an outstanding credit of $900, then you are at 90% capacity – this is your credit ratio. If your credit ratio is too high, then your score will be affected negatively.
- Create a plan of attack
- Make a list of items to dispute. Keep good records about communications to and from the credit company.
- Be specific about the item you are disputing and exactly what you want them to do about it
- If you are going to pay off an outstanding debt with a company that has provided negative marks on your report – DO NOT do so until you have it in writing on their letter head that they WILL delete their negative mark(s) from your credit report. This very important and a step you should not skip. You should keep this letter in a safe place and hold onto it should you need it in the future.
- Create a budget. Keeping track of how much money comes in and how much money goes out will give you the ability to pay your bills on time and free up money to pay down debt.
- Manage your credit and debt. Develop a strategy to reduce your debt ratio. Everyone’s situation is unique, it’s important to have a strategy to help you stay on track. It’s important to note to NOT close credit cards once they are paid off – especially ones with credit history associated with them! Having low or no balances on those cards will give you a lower credit ratio and help improve your credit score.
- Be diligent and track your results. Using a calendar to remind you of important dates and help you stay accountable to the plan. Use your calendar to remind you to check back in with the companies you are disputing negative marks with at least once a month to follow up. Invite someone else to help you stay accountable. Your friends and loved ones want to help, so why not ask!
- Challenge or dispute process. Tell the credit bureaus (Experian, Equifax, and TransUnion), in writing, what information/mark you think is inaccurate. Be sure to include any copies of materials that support your position. When you challenge or dispute a negative mark on your credit report the credit bureaus are required to investigate the disputed item(s). Be patient, allow time for the investigation, it usually takes around 30 days.
Knowing what to do is only half the battle, the other half is actually doing it and having the correct tools to do it. Below we have listed valuable resources we feel will be the most helpful to you to start achieving your goals and overcoming your credit challenges.
- Budget Worksheet
- Sample letters to send to credit agencies
- Consumer.gov – What to know and do
Empower You To Succeed
Follow these steps, put in the work and in a few months you could LOVE your credit score. It won’t happen overnight but with hard work, dedication, and patience you can be back in charge of your future within a few months! Don’t let anyone fool you into thinking that they haven’t seen anything as bad as your situation. That’s simply a trick they use to make you think you need them more than they need you. There are a lot of different reasons and circumstances surrounding credit issues, and instead of going somewhere where only a computer or a spreadsheet with strict guidelines make the decision here, at Super Car Guys, we are real people helping real people. If you are ready to get into a newer, nicer car, truck, van, or SUV we can get your pre-approved today!
The fact is that no, not everyone is able to be approved with anyone, no matter what their advertising tells you. We can’t guarantee you will leave here with a new car, but we do promise that you won’t be treated any differently because of your credit score… in fact, we pride ourselves on helping you change your circumstances. We have more lending options than any other dealership in Wichita and and our loan officers will work their hardest to help you get on your feet.
Super Car Guys is centrally located in the midwest in Wichita, Kansas. Visit any of our 3 Wichita locations, conveniently located on the East, West, and South part of town. Our friendly and knowledgeable non-commissioned sales department is ready to help you and we work as a team. Feel free to browse our huge used car inventory and if you have any questions, do not hesitate to ask. We are ALL here to serve YOU!