How can i get better credit? if no one will give me a chance to rebuild my credit?
Answers:
First thing you should do is get a copy of your credit report from all 3 companies. You can use internet services to do this. You won't just want the 'free' copy - you are going to want to subscribe to the service so you can constantly check it. With this information you will want to check for errors and start to approach creditors and companies to resolve the debt you have with them. You may need to pay some of the debt to resolve it. You can negotiate for them to lower the amount so you can pay it off - so you should start now to save your money for this purpose. You should not get any new credit cards or loans during this period. Your focus is on your past debt problems not making new debt. When debt is paid off you will write a letter to the credit report companies to tell them it has been paid and needs to be cleared. They will verify this and mark it as paid on your reports. Over time and with your effort your credit will improve.
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#1 Save some money. Scrounge it if you have to. Then go pick the 3 biggest banks (financial institutions) in your area.
#2 Call them and ask them what the minimum collateral loan is that they offer. It varies from institution to institution so write it down. Since you're rebuilding your credit pick the one with the lowest minimum installment loan. Could be $500 maybe $1,000.
#3 Open a savings account (jenny mae would be even better) and deposit your money. Your deposit must meet or exceed the banks minimum loan amount.
#3 Wait 2-3 weeks and go back in. Dress for the occasion. Talk to the loan officer about a loan. Tell them your credit sucks but you want to rebuild it. Then use your savings account as collateral to repay your loan. This will guarantee you get a loan.
#4 Deposit the money they loan you into an interest bearing account. Jenny Mae or better.
#5 When you walk out of the bank and get in your car (literally) make out a check to pay the first payment on your loan and mail it right away. You'll be paying back the loan with the money they loaned you.
#6 Wait 2 weeks and make another payment. You'll be two payments ahead so the bank will be pleased.
#7. Wait 2 weeks and make another payment. Keep doing this until the loan is paid off.
There is a faster, more efficient way to rebuild credit and I'm also talking about a strategy to build your credit so that you can literally walk into a new car dealership and get a loan immediately for a brand new (whatever brand you name) vehicle without any money down whatsoever. Want more information? Email me.
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