SKY IS THE LIMIT
CREDIT REPAIR
WE HELP YOU DEVELOP THE FINANCIAL SKILLS YOU NEED TO TAKE YOUR FINANCES TO THE NEXT LEVEL.
Using Auto Loans to Build Credit
- Auto loans help you build your credit
- You can find a vehicle for a few months to help you build your credit.
- Creditors are only financing you for the remainder of the lease.
- You can use that vehicle for business to drive in a major city and advertise someone else's business on their car.
- You also could allow people to rent your car for the car payment to drive it for Uber.
The Truth
1 in 5 people find errors in their credit report. Credit report mistakes
can lead to disqualification for mortgages and car loans, as well as
increased insurance premiums and interest rates. In some cases,
those mistakes can even prevent you from getting a job.
How Credit Reporting Works
Payment History
Your payment history is a record of on-time, late and missed payments on past and
current credit accounts. These accounts can include credit cards, lines of credit, personal
loans and mortgages. Your payment history indicates to a potential lender the likelihood
of you successfully repaying your debt — or going into default.
Age of Credit Accounts
The "Length of credit history" category of FICO® makes up about 15% of
your credit score. The average age of accounts = the total months of all of the accounts
on your credit report (from the open dates to the present), divided by the
number of accounts. While 15% of your score doesn't sound like much, especially
when compared to the "payment history" and "amounts owed," a longer credit history could help your credit score.
Credit Bureaus
Information about your credit cards, loan accounts and credit inquiries is
reported electronically through TransUnion, Equifax, and Experian by lenders and creditors
about every 30 days.
Installment Accounts
Installment accounts are those which have a fixed payment for a fixed period of time. As with revolving accounts, you are not required to pay them in full each month. You are allowed to make a payment which will be the same every month until the loan is paid in full. Lenders charge you an annual percentage rate (also known as an APR) and this is how they
make money.
Financial Companies
A company concerned primarily with providing money, as for short- term loans. Finance companies are commonly referred to as “lenders of last resort.” Their rates and terms are not as favorable as those offered by banks and credit unions so higher risk consumers tend to depend on them for their credit needs.
Having a finance company account on your credit report could cost you points.
Auto Loans
Auto loans are issued by either a bank, a credit union, or by a company that specializes in automobile lending. Mortgage Loans: Mortgage loans are issued by either a bank, a credit union, or a company that specializes in mortgage lending.
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