Auto Loan Locator Prime to Subprime Credit Guidelines
Auto Credit quality is usually divided into Tiers. Used as a guide for estimating your current credit rating, the tiers described below will help you determine which category you fit into prior to applying for auto credit. Prime to subprime auto loan credit is described below to assist you in your auto loan financing. Click Here For Credit Tier Information
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Building a good credit history and maintaining it through the years is important. If you have no credit history, it takes time to establish your first credit account. People affected most are young people just beginning careers, elderly people that have not used credit in past 10 years, or divorced or widowed people who shared credit with their spouse that were reported only in spouse’s name.
To build credit history you must have steady income and have lived in the same area for at least a year. Apply with a local business or borrow a small amount from your credit union or the bank you have checking and saving accounts. Before you apply for credit, make sure the creditor reports credit history information to credit bureaus.
When obtaining a credit report, if you share or shared accounts with a spouse, had credit under a different name or in a different location that is not reported in your file, ask the credit bureau to include it. The creditor is required under the Equal Credit Opportunity Act to report the information under both names.
If you have been rejected for credit, it is best to wait for 6 months prior to reapplying. An alternative to credit rejection is to ask a person with an established credit history to act as your cosigner. A cosigner promises to pay if you don’t and can thus substantially improve your chances of getting credit. Once the debt has been repaid, try again to get credit on your own.
