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Discover Student Open RoadSM Card

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0% Interest* on Purchases for 6 Months
Build Your Credit History
Full 5% Cashback Bonus® on gas and auto maintenance purchases*
Up to 1% Cashback Bonus on all other purchases*
$0 Fraud Liability Guarantee
No Annual Fee
Online Account Access
2

DID YOU KNOW?

	If you are planning to apply for a car loan after bankruptcy, there are two key items you need to focus on: 1) Increasing your chances of qualifying for a car loan after bankruptcy 2) Reducing the interest rate on the car loan after bankruptcy Let's look at each item in more detail: 1) Increasing your chances of qualifying for a car loan after bankruptcy One way to increase your chances of qualifying for a car loan after bankruptcy is to increase your credit score. How do you increase your credit score? One way is to update your credit reports. This means removing any inaccurate or obsolete negative information from your credit reports. This will take an investment of time on your part - but if it means the difference between qualifying (or not) for a car loan after bankruptcy it can be worth the effort. Another way to increase your credit score is to add positive items to your credit report - but few people know about this technique. There's not enough room to go into it here, so I'll save that for another article. In After Bankruptcy Credit Solutions I go into detail on a number of ways you can increase your credit score. While there isn't enough room to cover all of them here, or any of them in detail, hopefully this gives you an idea of some of the steps you can take. Another way to increase your chance of qualifying for a car loan after bankruptcy is to increase the amount of your down payment, or look at a lower price car. For example, let's assume you have $1,600 for a down payment on a car and you're looking at a $16,000 car - that's a 10% down payment. But what if the lender won't approve the loan because the down payment isn't large enough? See what they can do if you consider an $8,000 car. Now your $1,600 represents a 20% down payment. In addition, everyting else being equal, the payment on your car loan after bankruptcy would be lower if you finance it for the same period of time. Next, let's discuss some ways you can reduce the interest rate on a car loan after bankruptcy... 2) Reduce the interest rate on the car loan after bankruptcy Here's where increasing your credit score pays off again! Why? if you are able to increase your credit score enough to reduce the interest rate you pay on a car loan after bankruptcy, you could save $100s or even $1,000s of dollars. For example, let's use a $15,000 car loan after bankruptcy as an example. Let's say you increase your credit score enough so that you receive an interest rate of 11% instead of 14%. Over the life of the loan you will end up saving about $1,067 in interest - that's money that stays in your pocket! There are other ways to lower the interest rate on a car loan after bankruptcy - increasing your credit score is just one of them. For example, there's another technique you can use to reduce the interest rate you pay on a car loan after bankruptcy - and it can save you up to $100s of dollars (or more). There's not enough room to cover it here, but it's a powerful technique if you don't have time to increase your credit score, and need to finance a car immediately. I go into detail on it in After Bankruptcy Credit Solutions. Now you know some specific techniques you can use to increase your chances of qualifying for a car loan after bankruptcy, as well as potentially reducing the interest rate you pay in the process! Copyright (c) 2006 Innovative Solutions Publishing, Inc. All rights reserved. DISCLAIMER: This information is designed to provide only a general overview of the subject matter herein. This information is provided with the understanding that neither the publisher nor author is engaged in rendering legal, accounting or other professional advice. If legal or other expert assistance is required, the services of a professional should be sought. Neither the publisher nor author shall be liable for any loss or damages, including but not limited to special, consequential, incidental or other damages, caused by the information contained herein.

Repairing your credit report can seem like a daunting task if you try to do so without having the proper knowledge and information you need to get it done effectively and legally. You need to use all the expert resources out there so that when you go to talk with credit agencies, you know your rights, you know what to do and maybe even more importantly, what not to do. If you do the wrong things, you may cause negative items to remain on your credit report when you could have had them removed or re-reported in a more positive light. Creditors can be tricky and without you knowing it, a simple request for more information can turn into a new updated mark on your credit report that will begin another seven year mark on your credit! Beware of such tactics, become an informed consumer and learn that you can fix your credit yourself, effectively as long as you approach the process well prepared.

1. Avoid sending out ALL of your dispute letters to your creditors at once.

This is often done by many “credit repair companies” that are popping up on the internet. They may claim to be helping you, they may even claim to be law firms, but always do you research so you know what type of company you are dealing with. Sending out multiple complaints at once will “Red Flag” your account. What this means is that credit companies will see that you have multiple complaints all at once and therefore just assume you are frivolously attempting to change your credit report with no true grounds to do so. This may be done accidentally, by not being aware that this would happen, but once your report has been red flagged, you have caused an up hill battle to fix errors on your report, it will take twice the work to convince them that your claims are real and you may become so frustrated over their stall tactics, you may give up before you really get started.

2. Never submit a statement to a creditor to prove your side of the case.

This may seem like an easy solution, ‘Here’s my statement, now fix it on my credit report” but this tactic by the creditors can backfire on you. Upon you submitting you statement you are also confirming the account, if the item doesn’t get removed, you may then have to begin your 7 year negative mark on your credit report all over again. Credit agency’s have many of these tactics that sound good to a uniformed consumer, but in the end they are only working towards their advantage, don’t fall into their taps!

3. Dispute the accuracy not the validity.

When talking with the creditor to get an item removed don’t simply say “It’s not mine”. This give s the creditor an easy out to keep your item on your report. You want to approach it more in a way that you are disputing an inaccurate component. By saying it is simply “it’s not mine”, a creditor can easily confirm an account as truly being your credit. If you approach it as an inaccuracy, there will be more information they need to verify and the likelihood of being able to verify the smaller details will be much harder for them to do. This can in turn help you to get the item removed or at least be re-reported in a more positive manner.

4. Don’t attempt to create a separate credit identity to get around your flawed credit report.

There are many credit repair companies out there that will suggest you try to backdoor the system by getting a separate tax id number to begin a new credit report. This method is not only unethical, it is illegal! The idea is out there to get a corporate tax id number so that you can in turn use that tax id number to gain personal credit. This is not the best course of action because it is fraudulent to use a corporate tax id number to gain personal credit. Plus corporate tax id numbers are different from personal social security numbers and are easily picked up by the creditor. To get around this some firms will tell you to continuously apply for tax id numbers until you get one that resembles a legitimate social security number. This is fraudulent behavior and is illegal.

5. Don’t be belligerent!

Credit bureaus are bureaucracies, but you still have real people looking at your dispute letters. If you just rant and rave about how this is an injustice and call them nasty names you will get nothing accomplished and the checker will most likely just disregard the letter as frivolous or irrelevant. Mistakes happen and be understanding to that and frame the situation as nicely as possible, you do catch more flies with honey than with vinegar. We know how easy it is to lose your temper to a big company that seems to not care, but reframe from this behavior as it will get you no where.

These five ideas are just to start making you think and become more aware of how to repair your credit most effectively. In today day you are surrounded with lots of information to help you through this process in the simplest manner possible. Creditrepairplan.com will show you a step by step process of how to get your credit repair done in a manner that will not have you ready to pull your hair out. Their sample dispute letters, easy organization and negotiating techniques will help you approach creditors with confidence and the knowledge you need to get the job done!