Obtain a Credit Score

To determine if a consumer is eligible for a credit card, he or she must first obtain a credit score or credit report. The outline of one’s credit history and numerical rating will let the person know where he or she stands in the credit world. Knowing the score can also prevent the person from applying for credit cards that are not within the lender’s requirements.

To obtain a free credit score or report, one can apply with the credit bureaus. Credit bureaus will issue one credit report per year to a person who has received a previous rejection. Unemployed consumers may also apply for this score. Once the person is able to see his or her profile, the individual can make a wiser decision applying for credit cards.

The Secured Card

The secured credit card can provide an easy entry into the realm of credit for a consumer. This type of card allows the applicant to place a security deposit on the card. The credit card company will usually assign the person a credit line that is equal to the amount of the deposit. The company keeps the deposit until it feels secure with the debtor’s payments. After time, the credit card company will release the funds and allow the person access to unsecured credit.

The Bad Credit Card

Another option for consumers is applying for credit cards that are strictly for people with bad credit much like how you would apply for a car loan specific for people with bad credit. Credit cards for people with bad credit work the same way as regular credit cards. The difference with these cards is the finance charge. Some bad credit cards have finance charges in the area of 30 percent, while some others have more affordable offerings.

While the bad credit card is expensive option, it still provides the consumer with a viable entry into the credit world. To apply for any credit card, the consumer will visit the credit card company’s website. The site will have a page on which the person may complete an application. Generally, most credit card companies can provide an instant decision.

Late Payments and Public Record Debts

It depends on what sort of negatives show up on that report. Problems that are older will hurt you much less than if they’re recent, even if they still show up. The general rule is that things such as late payments will stay on there for 7 years, as will collection debts, though this can change depending on the age of the debt that’s being collected. So long as you keep your payments current in the recent past, these older debts will actually do you little harm.

Public record debts such as unpaid taxes also stay on a report for 7 years on average, but be warned that if you’ve been subject to a tax lien or garnished wages due to these debts, those can remain on your report indefinitely.

Declaring Bankruptcy and Property Foreclosure

If you’ve had something more serious on your record, such as a bankruptcy or a property foreclosure, they’ll deliver more damage than these other debts, even if they happened several years ago. Foreclosures stay on your record for 7 years, as do completed chapter 13 bankruptcies. If you’ve had to go through a chapter 7 bankruptcy however, then that will remain on your record for 10 years.

So, to review…

• Late Payments-7 years
• Debt Collections-Usually 7 Years, depending on the age of the debt
• Public Record Debts-Usually 7 Years, except when liens or garnishments take place
• Foreclosure-7 years
• Bankcruptcy-7 years for Chapter 13, and 10 years for Chapter 7

And remember that if you pay your bills on time, even if you’ve had some problems in the past, these negatives will cause less damage to your credit score, and in time they’ll disappear completely, giving you the chance to get the financing from our used car lot so that you can get the car of your dreams.

Understanding Your Credit Score

Your credit score doesn’t normally come with your free credit report but you can get it through Transunion for $7.95. The score ranges from 501 to 990 and the equaling grade ranges from A to F. Below is a list of the scores and grades that match up.

• A. 900-990
• B. 800-900
• C. 700-800
• D. 600-700
• F. 501-600

Understanding Your Credit Report

Starting on page 1, you will see your personal information, account information and adverse accounts. After that you will see satisfactory accounts and account review inquiries. Creditors typically will report changes to your account monthly. The Adverse accounts are the accounts in which you have a rating that is non-satisfactory. Where it says pay status for your adverse account, it will show if you are making payments or if it has been charged off. Under each adverse account it will also show month by month status starting from when you first opened the account. Below is a list of what every remark means for each month.

• N/R: Unreported
• X: Unknown
• OK: Current
• 30,60,90,120: 30,60,90,120 days late
• COL: Collection
• VS: Voluntary Surrender
• RPO: Repossession
• C/O: Charge Off
• FC: Foreclosure

As for the section about account review inquires, it will show every company that has requested to see your credit report for whatever reason including seeking out car loans, and also the date on which it was requested. A lot of times what you will see here will be credit card companies that you have applied for, jobs that you applied for and credit card companies that you have an adverse account with.

For starters, you are going to find that the more money you put down the better. Because of this, you need to try and attempt to put down as much money as you can possibly afford. This is going to drop the interest rate alone, which should allow you to save money throughout the time you are paying the vehicle back. On top of this, it is going to make your monthly car payments less, which should allow you to afford the car loan easier and pay it off faster.

When looking at the amount of money you are able to pay for the down payment, you are going to find there are different lengths for which you can pay off the car. These typically to in 12 month cycles. So a three year term is going to be 36 months while a five year term is going to be 60 months. You’ll find the payment for the longer terms is less per month, but the interest rate is higher for these particular months. Because of this, you need to try to opt into the lowest amount possible. You are going to find it easier to fall into the shorter time period when you pay more money down. There is no rule as to how much money you can pay on the down payment as long as you reach at least the minimum. However, some locations which don’t require you to put much down at all is actually going to make more money off of you in terms of the interest. That is why you always need to pay as much as possible. When you want to get the best financing in Ontario apply with OntarioCarsOnCredit.com!

What are the Best Cars for Hot Weather?

Although you can drive practically any vehicle in warm conditions, here are a few options that really stick out if you want to enjoy all of the benefits of your warm climate:

Convertibles – Known as the classic warm weather vehicle, convertibles are perfect for enjoying a nice climate. You can choose from convertibles with two seats or that can seat four or more comfortably, and there are generally vehicles with convertible tops available at lots of different price points.

Jeeps – Not only can you invest in a Wrangler with a detachable roof, but you are also sure to enjoy other Jeep options that are great for camping and enjoying the other aspects of warm weather.

White Cars – No matter what model you decide to go with, opting for a white car over one in a darker color is a great way to stay cool when the temperatures soar.

How to Purchase a Car

Once you have found the perfect car for your climate, you could be curious as to how you can acquire such a vehicle. Purchasing a car can seem stressful and difficult, but it doesn’t have to be. For example, you can still purchase a great car for your climate without worrying about your credit score if you go with dealer financing. In fact, you use our dealership that offers a great used car inventory and easy financing by searching through our database; since we are a top dealership in the Windsor area, you are sure to be able to find a vehicle you like.

Get Your Report Online

Those who are busy may find it easiest to get a copy of a credit report on the Internet. Getting a copy of a credit report online can give one an instant overview of his or her credit score. You will also be able to instantly interpret the other information that can be found on your credit report. You may also be able to request a copy of your annual credit report by submitting a written request through mail as well.

Understanding the Fair Credit Reporting Act

Even if you have already claimed your free copy of a credit report, you may still be entitled to receive another copy at no cost. The Fair Credit Reporting Act puts forth other situations in which a person is entitled to request a free copy of a credit report. If a person is unemployed, then he or she may be able to qualify for a free copy of a credit report. Those who receive government welfare assistance or have had an insurance application denied due to one’s credit may also be entitled to receive a free copy. If one is the victim of identity theft or fraud, then he or she may also be able to receive a free copy of a credit report.

With this information, you will be able to get a free copy of your annual credit report at no cost. You should take full advantage of this opportunity before applying online to get an auto loan and improve your credit for the future in general.

First Time Buyer

You might be a first time buyer with terrible credit looking for a way to improve your credit score. We have helped customers who have had credit problems get qualified for an auto loan for people with bad credit. So don’t feel that because your credit is low, that you won’t be qualified for a car throughout the Southern area of Ontario. Furthermore, if you need credit acceptance from a dealership then I recommend that you go to a bad credit car dealer that has experience in helping people with credit problems.

Visit a Bad Credit Car Dealership

When going after auto credit approval, you need to do your research on what type of make and model you would like to purchase, after being approved for an auto loan with bad credit throughout Ontario. Now, since you have bad credit, your best option would be to visit a used car dealership. There you’ll find cars that are in good condition and that you can afford. However, if you’re looking to get a newer model, you might have to put a down payment on the vehicle before getting approved for a car loan. Now if you don’t have a down payment, then go towards getting a cosigner.

Just know if you’re thinking of buying a used car, be sure to get it inspected to make sure that everything works properly. By getting it checked out by a mechanic expert, they might find something that the dealer forgot to mention when selling you the vehicle. If that happens, try negotiating with the dealer.

Apply for Credit Acceptance

Our car credit in Ontario is available to anyone looking for a credit acceptance through a bad credit dealership around the Southern area of Ontario. Just apply online today and we’ll help you get qualified for an auto loan with the credit you have at this moment.

Unique Considerations When Finding the Best Cars for Elderly Drivers

Elderly drivers generally dislike flashier, faster and more powerful vehicles. At the same time, an elderly driver is an individual with their own tastes. You shouldn’t assume that an elderly driver automatically doesn’t want a fun vehicle or that they want a black or brown car. One unique and wonderful aspect about buying a car as or for an elderly driver is that elderly drivers usually have impeccable credit. This offers a myriad of auto financing options, especially when going directly to the dealership for a loan.

The Best Cars for Elderly Drivers

The Toyota Corolla LE stands head and shoulders over the competition as one of the best cars for the elderly people. According to Edmunds, the Toyota Corolla LE is preferable for elderly drivers because it has a large dash with controls that are easy to use. It is also very easy for elderly to get in and out of the Toyota Corolla. The Toyota Corolla is a leader in both safety and handling.

The Honda CR-V is well-designed with extra cabin space to allow the elderly to slide in and out of the vehicle. According to Auto Report, the Honda CR-V is one of the safest vehicles on the road.

The Kia Soul, while a little large, has very low fuel consumption and is very inexpensive. This makes it perfect for those on fixed income. It has an incredible amount of cargo space for groceries and enough room to help pick up the grandchildren.

The Mazda5 grand touring is another extremely safe and affordable vehicle that has a large amount of space. However, it is a little difficult to handle for smaller individuals.

For the grandmother or grandfather on the go, the Subaru Outback 2.5i is a technological masterpiece. This vehicle needs to be driven by an elderly individual who still has the majority of their site, but it is a perfect family car and incredibly safe.

Understand the Type of Error

If you have made any late payments on credit cards, then these will stay listed on your credit report for a total of seven years. You may take some action to try to get the items taken off before seven years have run out. Some people have success when they send a letter of dispute to a credit card company and make a formal request that the late payments be taken off of a credit report. If you have filed for bankruptcy or have experienced a foreclosure, then these events will also be listed on your credit report for seven years. It is very difficult to have a bankruptcy or foreclosure taken off of your credit report.

Deal with the Error

If there have been any judgments filed against you, then these will also be listed on your credit report for up to seven years. It is important that you try to deal with any negative events listed on your credit report. If you offer to make a full payment on the balance for a credit card, then you may be able to have a negative event taken off of your credit report.

Choosing to deal with loans for bad credit will help you improve your credit score for the future. You may be able to increase your credit score and qualify for a loan that has great terms.

Comparing Auto Loan Quotes

There are actually many dealerships that now extend auto loans to people who have bad credit and we are the top one in Southern Ontario. You should know that you may be able to qualify for an auto loan within just a few hours of submitting your pre-approval application. It can be very easy for you to sign up for a bad credit car loan. You should make sure that you take the time to compare all of the auto loan deals that are on the Internet. There may be auto loans that have lower interest rates than other auto loans on the market. Our auto loan professionals can help you make a decision in finding an auto loan.

You May Need a Cosigner

Some dealerships may require that you have a cosigner in order to sign up for a new auto loan. You should be prepared to find a cosigner if a dealership requires one. Your other option may be to forego this type of auto loan and keep searching for one that will not require a cosigner. Our auto loan professionals can help you locate loan options that will not require cosigners or collateral.

Get in touch with our auto loan professionals to receive help in finding adverse credit auto loans today. We are here to help make the process easy for you. You may be able to qualify for auto loans in just a few short hours.