How To Fix Your Credit Rating In Less Than A Year
January 26, 2021 | Daniel Dewitt
Fixing your credit rating is tricky — and it does take a while. However, there are strategies you can implement – like using online auto title loans for emergencies – to quicken the process and give you a favorable score in a year or so.
If you are interested in putting in the work, there are plenty of ways you can actually improve your credit. So are you trying to fix your credit rating? Then here are some tips you can take to start.
1. Check Your Score For Free
You can find websites that will allow you to check your credit for free all over the internet. Regardless of the one you choose, it will help you to identify which factors are having a detrimental impact.
Generally speaking, your credit score will be affected by the following things:
- How long you have been using your credit.
- Your payment history (i.e. paying bills on time, late payments, missed payments, etc.).
- Total credit you have available.
- How much credit you're using.
- The types of credit you're using.
- The number of recent credit accounts or applications you've made, or hard inquiries.
Alongside the above, you should make sure to check for errors on your report. Even if your address is slightly incorrect, it could harm your score.
2. Ask For Help To Build Credit
If you can't get approved for a credit card but need to build your credit rating and history, other people can help you. There are various ways to do this but the most common options are to:
- Open a secured account. This allows you to put cash into a card and borrow a percentage of the total.
- Be an authorized user on someone else's card.
- Work with a cosigner; otherwise known as a guarantor.
3. Pay Your Bills On Time
The state of your payment history makes up a whopping 35% of your credit score. Thus, making late payments or missing them altogether will drastically decrease your otherwise decent figure.
The easiest way to ensure you pay your bills on time is to set up autopay for bills like student loans and car fees. All you need to do is ensure you have enough money in your account on the day and you're good to go!
If you have bills that are due on the same day each month, you should have a chat with your suppliers. They might be able to move your payment dates around to make it easier.
4. Take Out Title Loans
You probably haven’t thought of title loans when you think of improving your credit. Especially since this kind of loan is designed to help you with emergencies and not directly improve your credit. But title loans can be a big help in multiple ways with these typical title loan uses.
If you’ve never heard of them before, title loans are loans that you receive when you use your vehicle’s title as collateral. And, as I said, they aren’t designed to permanently fix your finances or directly fix your credit rating. But they are designed to help you get a handle on any pressing emergencies that pop up. This allows you to get rid of the emergency quicker and focus on getting back on track – thus improving your credit!
The Benefits Of Auto Title Loans
When it comes to auto title loans, there are plenty of benefits you have to learn about. Those are:
- You get your cash either the same day or the next bank business day.
- You can keep your car while you are repaying the loan.
- The process takes around 30 minutes to go through.
- You can borrow anywhere between $300 and $15,000 — enough to pay for those emergencies!
- You can start the process at home and have the representative come to you.
- There are only three documents required. These are your driver's license, vehicle, and your lien-free title to the vehicle.
- All credit scores are accepted. Whether you have bad credit, great credit, or non-existent credit, we will work with you. So don’t worry about that poor credit rating you may have.
How To Acquire A Title Loan
Over the years, we have streamlined our procedure to ensure no one has their time wasted.
Just follow this step-by-step guide to learn what you have to do:
- Go to our website and fill out the online form found on the top of our homepage;
- A friendly loan rep from your closest Fast auto Loans Inc storefront will get in touch. They will talk about the process, answer your questions, and discuss the documents you need to submit;
- During the conversation, they will allow you to decide where you want to meet with them. You can choose to come to the nearest title loan places or meet at a location more convenient for you.
- Wherever you decide to meet, take your car, lien-free title to your car, and your driver's license to that location.
- The loan specialist will perform a quick vehicle evaluation and take a look at your paperwork. This is the simplest way for them to check whether you can gain approval and how much you can borrow.
- If everything runs smoothly and you're approved, you will receive your money the same day. Depending on when you apply, it might be on the next working day instead.
Trying to improve your credit is not an easy task. But hopefully, with these tips, you can start to fix your credit rating sooner rather than later.