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If you have bad credit, a car loan is one the best means for your rebuild your credit into a positive one. 

Bad credit personal loans will also help you re-establish your credit.



Having a bad credit history can come back to haunt you when you look obtain a loan for a home loan or car. Not only will your bad credit effect the amount you are approved for and the interest rates and terms you receive, your poor credit can jeopardize your chances for approval. Learn more about how credit is important.

Before applying for any type of loan, you should always get a copy of your credit report. If you don't already know how to, you should learn how your credit score is calculated and how to read your credit report.

Below are some tips that will help you improve your credit score.

Open a Bank Account
Bank accounts are not present on your credit reports. However, when you apply for any type of loan or credit, your bank account number may be required.

Never overdraw on your bank account. Meaning, don't write checks for monies that you do not have. This will result in bounced checks. When you bounce a check, the bank will charge you a fee, as well as the creditor/company you made the check out to. Bounced checks are negatively reflective on your credit report.

Apply for a Credit Card
Using a credit card is a great way to build your credit. Click the link to apply for the Orchard Bank credit card, a card that is specifically designed for people with bad credit, or no credit looking to rebuild or establish their credit. Another card we suggest is the Tribute Gold MasterCard. Both of these credit cards will report your payments to all three of the major credit bureaus every month. Learn more about the bad credit and no credit cards we feature.

When you use your credit card, you must make sure that you make your payments on time every month. Using your credit card in a responsible manner for a few months will give you the opportunity to apply for a credit card that is more geared towards people with good credit. Specifically, offering lower interest rates. These credit cards offer more spending power by way of higher credit lines. Be careful! Having a larger credit line opens the door for irresponsible spending.

Bear in mind that having a $7500 credit line does not mean you have $7500 of extra money to use at will. It is just an alternate method for spending your cash.

Formulate a plan for using your credit card. Specifically, you want to be certain that any items you buy, you can pay for at the end of the month when you receive your statement. A good practice is to right down your income and what your expenses are. Your left over cash is the 'extra' money you have to use on buying goods with your credit card. However, don't look to spend all of your additional money. You should always look to save some money in the bank every month.

Never let anyone use your credit card! Not even family! Suppose you get into a fight with the person you let use your card, and they decide that they are not going to pay what they owe you, you are still responsible for all of the charges they made!

Never give anyone your credit card number over the phone or internet unless you are the one that has started the transaction.

Never utilize the cash advances that are offered by credit cards. The credit card companies charge an upfront fee ranging from 2 - 4% of the amount you are borrowing. The interest rates for cash advances are high, usually in the teens. Also, there are no grace periods when dealing with cash advances.

Credit Improving Fact:
If you have bad credit, and you are looking to apply for an auto loan, the auto loan rates your receive will be higher than if you have no credit.

More helpful information for understanding credit reports:
Getting Your Credit Report Regularly
Educating Yourself on How Your Credit Score is Determined
Understand the Information in Your Credit Report
Correcting Inaccuracies on Your Credit Report
Life's Occurrences That Affect Your Credit Rating
The Impact Of Having Your Credit Pulled On Your Credit Report
Correcting Errors


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