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How to improve your credit rating in order to get the best rates on a car title loan

Posted by : Premraj | Posted on : Sunday, February 15, 2015

Buying New Car and Save Extra Bucks

Most car title lenders will not let you know that if you have a good credit score then you have more bargaining power to get better rates on your car title loan.

The reality is, why should they tell you? It certainly is not in their interest to give you information that would reduce the amount of money that goes into their pockets.

Find below some of the real and tangible ideas you could use to improve on your credit card score and hence get better rates on your car title loan.

1.Benefit from a family members credit score

If you have someone who can add you as an authorized user of their credit cards, this can help you nudge up your credit score, especially if they have a good credit score. The person should be a family member.

2.Ensure that your credit score has no errors

Sometimes your credit card score could be low because of clerical or other errors that are in the credit rating system. Ensure that you have no errors by finding out from the official credit report website for free. If you have any errors report them and have your credit score adjusted accordingly.

Apparently this is quite a common occurrence in low credit card scores. Once you can prove that an error has been made, you can get your credit score re-calculated usually within 3 days. A broker will usually be able to help you with the process.

3.If you can afford to pay then automate the process

If you have the capacity to pay for any or all the credit that you have so far, you should do so. Give priority to the credit that is overdue or due soonest.

If you cannot make a payment on time, talk to your creditor and see if you can re-negotiate a payment plan. Either way, if you don’t have the discipline to pay for your credit on time every time it is due, automate the process.

4.Clarify on your circumstances

Instead of just letting the numbers do the talking, sometimes you may have a good explanation for why you have a low credit score and a reason to explain how you can fix it.

For example, your low credit score could be because you lost your job and couldn’t afford to make payments, while the reason that your credit score will improve could be because you just got a better job now than you had before and have a repayment plan with your creditor.

Including this kind of information with your credit score report can go a long way in letting your lender understand your situation and be more flexible on terms and conditions for the loan.

The idea of improving your credit score is to enable any lender, including your car title loan lender, to see you as less of a risk as possible. If you manage to do so, you will not only get good initial terms for the loan, but you will also have a little more room to negotiate for better terms, especially on the interest rate of the loan. If you would like to find the best title loans San Jose has to offer, please visit this site.

About the author

Jenny Richards is finance professional with extensive knowledge of credit products. After 2 years working in the banking sector, Jenny went into private business as a lender and credit consultant in the San Jose area. Her business offers credit facilities such as title loans in San Jose. Visit her website to learn more.

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