Bad Credit Loans Versus Fixing Your Credit First Posted By :

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Author: You can tell by the sound of the transmission; you are going to need a new car sometime in the next

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You can tell by the sound of the transmission; you are going to need a new car sometime in the next year. Your old car is still getting you to work, but its days (or months) are limited.

You have a choice. You can start shopping around for a car loan, or you can take the time now to fix your credit. You are fairly certain that your credit report is good enough to get you the car loan, but at what cost?

The interest rate you pay on any loan or mortgage can be tied directly to your credit score. And your credit score is based on your credit history. The more often you pay a bill late or default on a loan, the lower your credit score. The lower your score, the higher the interest rate you get on a new loan.

A "bad credit loan" is the one you'll be stuck with if your credit report is less than stellar (specifically if your credit score is not well about 620). Sure, you can grin and bear it. And if you need that new car today, that is just what you might have to do. You will be making a much higher payment every month, just because you did not plan ahead.

If you start today to fix your credit, you'll be able to get a lower interest rate on your car loan later this year. That means either a lower monthly payment, or a nicer car for the same payment.

You should be able to repair your bad credit yourself, for free. Start by requesting copies of your credit reports from the three major credit bureaus (they are free, but just one per bureau per year). Review the reports for any inaccurate information, and get it removed by contacting the credit bureaus.

Start paying down your debt. Reduce the balance on your credit cards as much as possible. Negotiate payment terms with your lenders if necessary. And be careful to pay all your monthly bills on-time from now on; just one late-pay can ruin all your efforts.

Add good credit references to your credit report. There are a couple ways you can have positive information submitted to the credit bureaus, even if you cannot get a regular, unsecured credit card. Sub-prime merchandise cards will raise your credit limit. Although a sub-prime merchandise card is not a VISA or MasterCard, your positive payment history and credit limit will get reported to the credit bureaus. Another option for adding a credit reference is to obtain a secured credit card. Secured cards typically require a cash deposit, usually between $300 and $500. You then can charge up to the amount of the deposit. Be sure to shop around for sub-prime merchandise and secured credit cards; some have lower fees than others.

There are many more techniques for fixing your credit yourself. Check online for publishers of manuals that provide proven (and legal) methods getting your financial house back in order.

The choice is yours. Do nothing and pay more. Or start now to fix your credit and enjoy the rewards of a higher credit rating tomorrow.

To learn the inside secrets to fixing your credit fast, visit the author's website: Improve Your Credit Score With The Credit Secrets Bible