Liberty Credit Repair

I am looking to buy a small SUV sometime in the fall/winter but know that I need to improve my credit score in order to get a better APR than I have now. What credit score are most vehicle lenders looking for?

Auto finance is what I do for a living and auto loans are based on the following factors;

1. LTV (loan to value).
2. Term requested.
3. Age of vehicle.
4. Miles on vehicle.
5. Down payment amount.
6. Time on job.
7. Time at residence.
8. Monthly income before taxes.
9. Credit score/profile.

Depending on how the above are submitted to the lenders anyone with a score from 500 up can be approved with a decent rate.

As far as your question, 680 is the cut off for the best rate from Chrysler, anything below 640 is considered sub-prime.

Far more important then score is your credit profile. You need at least 3 credit card accounts (revolving) with balances below 30% of your credit limit and 2 cars, boats, homes, furniture or personal loans (installment) all with good long payment history’s for the best rates.

I look at credit all day and see people every month with 700 scores that can not buy cars because their score is made up of 1 credit card with a $500.00 limit paid 15-times and a couple of student loans.

While this profile generates a great score it doe’s not show the willingness or the ability to actually pay anybody.

ok i have missed like three months of school i had 12 in a half credit i need 11 in a half more credits to pass i have missed all my classes for this semester is there any way i can pass by doing credit restoration and summer school thanx

You’ll need to talk to your counselors about this. No one here can tell you. Maybe if you do extra work and some summer school, you could make it. Only your school can tell you that.

I want to encourage my son to become a homeowner as early as possible, but he has no credit history (good or bad) and limited income. I looked at the websites of HUD, FHA, Farmer’s, Freddie Mac & Fannie Mae, but couldn’t make heads nor tails of what may be available. Should he go to one of those homebuyer’s counselors mentioned on these wesites to find out what steps he needs to take?

It is possible, but not a good idea right now. He should first build a little credit history – just a few things that is all – kids and adults these days can get over loaded with credit and then make it a problem – advise him to get a gas card and if possible a small loan from a bank, either a personal loan or a car loan – whatever sounds fessible – when I worked at the bank what I would typically tell a young person looking to start credit and they had a little money set aside was to open a CD – say a 500$ or 1k$ CD – for a year term – or whatever terms your local bank offers – then take a loan out on using that CD as the collateral – a good loan officer will place the rate of the loan about 2 pts. above what the CD is earning in interest – so basically your only paying 2% interest on the loan – don’t do anything with that money unless you can for sure pay it back – this will establish a credit line in your sons name and not cost him much.

After your son has a credit history (a good credit history for say a year or so) and our market has leveled out a bit and his is making a little more money then start house hunting.

Besides that – unless you live in an unaffected market – today is not a good day to buy – renting is actually more cost effective. Plus some creditors will look at a renters history and add that in to figuring out credit worthiness. Just advise him to pay rent and all bills on time, if not before the time they are due. Good habits to establish anyways!

Have liberals completely forgotten about personal responsibility?

hell no and libs always want the govt to hand feed them!!!!!

I just finished college, and work full time. I have a debit card, and building good credit from paying off loans. A lot of people have been telling me to get a credit card, but I wonder if it really is necessary. Please give me some good reasons to get a credit card other than building good credit. The only other advantage I know about is those point-system/rewards credit cards, that earn you miles or other things. And what is the best credit card to get for a first time credit card holder? The number of choices are a little overwhelming. How did you choose your first/main credit card?

Well, let me be the first to tell you that a credit card can be a "safety net" in the event that you’re in a crunch in between paychecks, and especially renting cars. Granted, you can use your debit card, but you better have the money on it, becuase credit and debit cards work completely different in that respect. But even if you just make small payments that you pay off in full every month, it’s another way to build credit, which you can’t build alone just by paying off loans. Credit and the scoring system is designed to where you should show that you can handle different types of credit both installment(car,furniture,appliance,personal signature, and mortgages) and revolving (credit cards and line of credit). An example of a balanced mixture of credit is 3 credit cards (2 major and one department store card) and either one paid or currently paying installment account.

Now while it is a good thing to have a credit card in the event of emergencies that may come about that could potentially wipe out your checking account if you use that, it’s important to know the true meaning of needs vs. wants. Credit cards are not bad, it’s the judgement of some people that use them. They easily confuse the 2 and that’s where the problems arise. As long as you keep your priorities straight, and use credit like it’s supposed to be used, then you should be ok.

A credit card you should look for, ideally is one without an annual fee and a low or 0 introductory interest rate. But my advice is to keep the balance no more than 30% of your total available credit to minimize the interest anyway.

Chase, Bank of America, and Citi all offer fairly good cards

I hope this answer helps out,

Good luck!

I had a pretty good credit score at the beginning of 2007, but as the year went on I could not pay my credit cards debts, so long story short I’m in about 8,000 dollars in debt and it just keeps rising, and my credit score is down the drain. Has anyone ever had the same problem if so, please let me know what you did. I want to go talk to a credit restoration place but don’t know any good ones, I’m located in the suburbs of Philadelphia. Thank you

No firm you can hire can remove accurate negative info from your credit files…so don’t waste your time and money.

Contact your local Red Cross for a referral to the local Consumer Credit Counseling Services (CCCS) in your area. They can negotiate much lower payments and interest rates. They DO NOT negotiate settlements.

They will require you to stop using all credit and to cut up your cards. Your credit report will be updated to "enrolled in debt management." This does not damage your credit, but it may make it impossible to obtain new credit while you are enrolled in their program….so don’t use this service if you anticipate applying for a new apartment, car loan or mortgage anytime soon, as you would probably be denied while you’re enrolled in the CCCS debt management program…. Otherwise, it can be a very good way to deal with your debt.

I see that many training programs pull a credit history. I have a bankruptcy (2+ yrs ago) and I’m wondering of this will cause problems getting licensed in NC.

it helps

I finally got accepted to a nursing school and I am 10,000 short! I have horrible credit and I don’t know what to do.I have tried everything anyone have any ideas. I am victim of identity theft and my credit is a runa round.

it looks like you aren’t going to nursing school!

I want a limit of maybe 10,000 dollars to help with my wedding. I also currently have a credit card, my only credit card of 3,000 dollars that I would like to pay off with the new credit card. I have very good credit so I really dont think that will be an issue.

I just wrote an article on this very topic.

I would definitely go for a Visa or Mastercard. You can use any main company (Bank of America, Chase, etc.). Just do a quick comparison on those sites and see which one offers the lowest rates for the longest period of time. If you are transfering a balance, don’t forget to see what the balance transfer fees are!

Just look for the ones that are offering a zero percent interest rate (and a rewards program would be nice). Make sure to only do this from secure websites that are from the actual companies. Good luck, and I hope you have a blessed marriage =).

http://www.Credit-Card-Advice.com/

http://EasilyIncreaseCreditScore.blinkweb.com/ is designed to help people increase the credit score fast. We teach people who to improve their own credit score with outspending hundreds of dollars.

A credit score defined by wikipedia goes as follows. A credit score is a numerical expression based on a statistical analysis of a person’s credit files, to represent the creditworthiness of that person. A credit score is primarily based on credit report information, typically sourced from credit bureaus.

Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses due to bad debt. Lenders use credit scores to determine who qualifies for a loan, at what interest rate, and what credit limits. The use of credit or identity scoring prior to authorizing access or granting credit is an implementation of a trusted system.

Credit scoring is not limited to banks. Other organizations, such as mobile phone companies, insurance companies, employers, landlords, and government departments employ the same techniques. Credit scoring also has a lot of overlap with data mining, which uses many similar techniques.

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