Avoid Car Title Loans and Build Your Credit

Many individuals come to Uppercase Capital because they want to educate themselves on how to properly go about securing a car title loan. Knowing what the pros and cons of these loans is imperative before you sign a contract with one of these companies. Unfortunately, those who are trying to secure an auto title loan all have one thing in common – bad credit. Bad credit is the primary reason why people search online for title loans. Also, they have a need for cash quickly. However, when someone is looking for cash quickly, whether they’re using an unsecured loan or using their vehicle as collateral, you’re going to have to pay a price, and that price is high interest rates. The bottom line is this: if you have good credit you can borrow money for a lot cheaper than those who fail to have good credit. Having good credit allows you to have access to things that others just can’t quite afford.

I don’t care how much money you make. Someone who makes $100K a year with bad credit will have a hard time enjoying the lifestyle of someone who has great credit, but makes $50K a year. I can’t emphasize how important it is to live your life with good credit. However, you’re probably here because your credit isn’t too good. But the good new is that you can always make it better. Today can be the first day of the rest of your life towards setting a goal to building your credit. But the first thing you need to do is get access to your credit report. You can find plenty of companies that will sell you a copy of your report, but we suggest get access to it without paying. If you need a step-by-step process to obtaining your credit report you can get that here. Once you have a copy of your credit report in hand, let’s go through some tips to improve your credit score.

Continue Paying Your Most Important Bills

From speaking with many individuals that suffer from bad credit it comes down to a few poor life choices, and allowing those decisions to fester and grow. It can be really overwhelming to see your bills stack up due to high interest rates. When debt seems insurmountable because the payments on those debts, such as credit cards, just seem too high to pay off. But let’s put things into perspective. If you’ve had a few dings to your credit, you’re not in a bad situation. Although, if you fall into the first scenario, then we understand your pain and anxiety. But the first tip we can offer you is to continue paying your most important bills, such as your mortgage or car loan. The last thing you want is to have your house foreclosed on. Not only will it make life more difficult, but a foreclosure on your home will take seven years to get off your credit report.

If you are interested in grabbing a lump sum for your car, you can study the best car title loan companies to see which fits your needs, but we do not suggest going down this road. Getting a car title loan will get you access to cash quickly, but this isn’t a long term solution to fixing your credit. Continue paying down your important loans. Keep your car for transportation needs. If your debt seems like it’s too much to pay down you may want to reach out to a debt forgiveness company. They can assist in negotiating favorable debt payments. Or if you have the time, you can reach out to each company that you owe and negotiate a payment plan that works for you and the company. You’ll be surprised by how much they’re willing to negotiate. The last thing they want is to lose out and not collect a dime from you. They’re better off receiving 50 cents on every dollar you owe.

Setting financial goals, paying your important loans and negotiating with your creditors is sure-fire approach of a long-term plan to having good credit.