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Want Better Credit? Break These 3 Bad Habits

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We get questions all the time from people who want to get a car loan but have poor credit. What can they do to improve their score and their overall financial health? The answer isn’t as complicated as one would expect, but it involves one of the toughest things a person can do, which is changing their habits. We’re going to do a quick rundown of how you can break 3 of the biggest habits holding you back from a great credit score.

First, get a notebook small enough to carry in a pocket or a handbag, and make sure you always have it with you. Whenever you make a purchase, write it down in the notebook. This way, you know exactly where your money is going, and you break the habit of making impulse buys on a debit or credit card.

Second, pay down your credit card balance. A good part of your credit score calculation is the debt you have compared to the amount of credit currently available. The lower your balance on the credit card, the better your credit score will be. Once you have paid down your credit card, keep it at an amount you can pay off each month. Break the habit of debt procrastination, saying to yourself, “I’ll pay it off next month.”

Finally, get out a calendar or a day planner and make note of the days that your bills are due. Late payments can knock down your credit score very quickly and can lead to extra penalties or a higher interest rate. Break the habit of paying late, and your credit score will definitely improve over the next year.

Looking for more car buying and credit tips? Check us out on Facebook and follow us on Twitter for more, and stop by Bayside Chrysler Jeep Dodge if you are looking for a car but worried that your credit is holding you back.

Image courtesy of Pixomar / FreeDigitalPhotos.net

Decrease in Car Buying Among Youth

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The economic downturn hit everyone hard, the car industry was not recession-proof. The subject has been talked about at length, mainly due to the turn around that has been happening lately with the resurgence of sales after the bailout. During those terrible times, Edmunds estimates that about 11 million vehicle sales were lost. The times may have gotten better, but of that 11 million that delayed their purchase, 4 million still haven’t gotten to buying a car.

Autonetfinancial.com shows that the age group that is leading to a sales slump is the younger buyers. New car purchases by 18-34 year-old has gone down by 30 percent in the last five years. A prediction for this is that this age group is out of the market because they are moving to bigger cities where having a car is usually a determent.

It’s been a tough question that many in the industry have pondered, how do you get the youngest buyers into the dealerships? It’s not like there isn’t already enough of financial problems that the new generation have to deal with, with unemployment still high and college tuition still increasing. That doesn’t even bring up the fact that new buyers are usually having credit problems from lack of experience.

If you’re one of the people that I just described, but need yourself a car, we here at Bayside Chrysler Jeep Dodge aim to help you. Have bad credit? Read our previous article for advice. Come on into the dealership and we’ll give you a hand in getting the car you want. Like our Facebook page and follow us on Twitter for more tips for the prospective car-buyer.

Credit Tips for College Students

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Fall is finally upon us and that means students are getting ready to head back to school for the year. For a college student, having the means to travel has always been important. It’s also a lesson in the importance of a credit score so that you can get a good car loan. Getting yourself a credit history can be very difficult according to The Christian Science Monitor. Lenders tend to be very cautious with new applicants. For those applying the first time, they have some tips to stay ahead of the curve.

The first tip is to start slowly. That means to not go crazy on applying for credit. An influx of too many applications can seem like to a lender that you’re too desperate for credit. It can really have a negative impact on your credit score.

Next is having a co-signer. A parent or a close relative can really give you a leg up on getting yourself a great rate. Be careful with this privilege however, because any that can happen on your end, such as missing payments, can come back and hurt the person who helped. Make sure you know what you’re getting into so that you don’t damage your own and your parent’s credit score.

The next two tips go hand in hand. You’ll want three lines of credit. In order for your file to be considered something other than too thin, you need at least three lines of credit. That being said, variety is also important. The algorithms that create your credit score like to see a difference in the kinds of accounts that you have. What that means is that credit cards are not the one-stop-shop of upping your credit score. Other things, such as a car loan, can also help.

Getting a head start on establishing a credit history goes a long way in life. It doesn’t take long for anyone once they really get started on their own to see how important that number is. Using these tips, you can be prepared and when the time comes to purchase your vehicle, you get the best deal you can get.

Stop by Bayside Chrysler Jeep Dodge to finance a vehicle with us. We’re looking to help people with bad credit get themselves into the car they need. Like us on Facebook and follow us on Twitter for more credit tips.

Image: FreeDigitalPhotos.net