10 Ways to Improve Your Credit Score

Ten Best Ways to Improve Your Credit Score

If you feel like you are alone in the battle with a poor credit score, well the truth is you are not alone. There are more people more than ever before who are facing the dreaded bad credit score which isn’t allowing them to receive the loans and interest rates they want. The problem isn’t necessarily your credit score, it is the fact you aren’t being proactive to actually improve your credit score. Yes you can continue to make payments on time or pay off a past due balance which is comprised of roughly 35% of your credit history and overall scoring, but to really get your credit score back on track, you should make some additional actions. Such as:

Get a Copy of your Credit Report Annually

You can actually receive one free copy of your credit report each year from places like Annual Credit Report. From here you can start to do both of the following: First off you want to try to negotiate with creditors, because you will be surprised how willing they are able to work with you if you are having trouble making full or on-time payments. Or if you are looking to negate old 30-day, 60-day and even 90-day past due reports, if you can prove to the creditor that you are able to make payments on time, in some cases they are willing to remove those past due actions on your report. Second step, if the creditors aren’t willing to work with you and you are certain their are errors on your report, dispute credit report errors in hopes they will be removed, thus improving your credit score.

Seek Counsel and Remain Patient with Poor Credit

If you are still having trouble managing payments on time, or the full amount, if you feel like you are losing your mind, the best thing to do is remain patient, and to seek professional counseling with a consumer credit counselor. If you are someone worrying about your inability to purchase a new vehicle with an approved auto loan, then you should seek the help of Ask Ms. Ed


Improve your Credit Score

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Totalled Truck With A Balance ~Ask Ms. Ed

Dear Ms Ed:

My truck was totaled and the insurance company is paying off most of the loan but I will still owe a few thousand when it is completely settled. I need a truck now but I was told by another dealer that since my credit is not perfect, I will have to wait until I pay off the entire balance before I can qualify for another loan. I am in a rental but I have to return it at the end of the week and have no way to get to work. Can the Mr Ed Department help me even though another dealer told me I have to wait?

“Total”ly Troubled

Dear Troubled:

YES! The Mr Ed Department can help you. While some lenders require a your loan to be paid in full, many do not, and choosing a dealership who knows where to place your loan can make the difference between you driving or walking to work. You “totally” went to the wrong dealer! Let me go to work for you – call my Loan Approval Center at 800 217-MRED (6733) or logon to mred.com and we will get you approved TODAY! We may even be able to finance the payoff on your old truck in the new loan. Put an end to your troubles and contact me now!

Underwater On Mortgage? -Ask Ms. Ed!

Dear Ms. Ed:

My wife and I bought our house in Phoenix at the peak of the housing market. Our
$180,000 house is now worth $ 65,000. We decided to do a short sale on the house. We have a buyer but it has been 5 months and we are still waiting for the sale to go through. Last week, our car was stolen and we need a car. Can you get us financing with a short sale in process?

Underwater and Out of Options

Dear Underwater:

ABSOLUTELY! You are not alone – tens of thousands of people in Arizona have found themselves in the same terrible position you and your wife are in and Mr Ed can help you! We will get you a loan which will help you rebuild your credit at the same time! Contact my Mr Ed Loan Approval Center today by calling 800 217-6733 or login to mred.com – it is fast, easy and completely private.

Come see me!


Ask Ms. Ed Your Credit Questions

Dear Ms Ed:

My credit is a mess! Two years ago, I co-signed on a truck for my boyfriend. Two months later, he had a new pick-up and a new girlfriend! He was late on every payment and I got collection calls nearly every month. I finally told the Bank to repossess it because there was no way I could make his payment and my car payment too. They repossessed the truck last year December.

My car loan is almost paid off and I am ready for a newer car because it has almost 120,000 miles on it. Little things are starting to go wrong with it so I think it is time to trade it in BUT there’s my repo problem! I am really stressed out about my situation. Can the Mr Ed Department help me to get a loan?

Miss Mess in Mesa

Dear MMM:

Not only can the Mr Ed Department get you a loan, we can probably do it using your trade-in only with little or no cash down – and at an interest rate that you will love, with a payment you can afford. Most dealerships send your application through a computer and never have contact with the Bank. In the Mr Ed Department, we still handle our business in a personal way and have strong relationships with the Banks who are making the loan. We call and actually speak to the person making the decisions and explain what happened to cause your credit problem and outline the reasons why you are a good credit risk. This personal relationship with our lenders allows us to help a lot of great people get financing-we really do work for you! So give me a call at 800 217-6733 or login to mred.com and do a quick approval. You will have your results in minutes and will know that you are approved before you come in to the dealership…and that will take the stress out of your situation!

PS: We’ll make sure that your trunk is big enough to stuff your ex-boyfriend in it!

Come see me!

Ask Ms. Ed: What If My Car Was Repossessed?

Dear Ms. Ed,

I had my last car repossessed because I lost my job. I finally found a reliable new job and now I need some wheels. It’s a night shift job and there are no buses available so I’ve been taking a long walk to work every night. Can you help me?

Signed, Pounding the pavement in Peoria


Dear Pounding the Pavement,

Help is on the way! Call my mr. ed department, toll free at 1800217MRED (6733) or log on to mred.com and fill out your application online. It’s fast, free and it’s confidential. We have many lenders that will finance people that have had repossessions. Especially one like yours that was directly due to the economic situation. We’ll get you off of your feet and riding in style in no time! Put away your walking shoes and call Mr. Ed today.

Signed, Ms. Ed.

Ask Ms. Ed – Help! Foreclosure!

Dear Ms. Ed,
We lost our home due to a foreclosure. Now our old car is acting up and our bank said, “Sorry! We can’t help you because of a foreclosure ” We are in trouble! Help! Was homeless and now am nearly wheelless.
-Homeless & Wheelless
Dear H&W,
Your luck is about to change. In my Mr. Ed department, located in the valley-wide Earnhardt Auto Center stores, we have many banks and lenders that don’t care about foreclosures. Sadly, so many good people like you have lost their homes and we’ve helped many of them get a great new vehicle and get their credit going in the right direction again.
My team will work hard for you. We’re here and we’re free! It doesn’ t cost you a penny to apply online or over the phone. And my staff will answer all of your questions before you even come down to one of our locations.  I have many lendors that understand, and I understand too. I’ve had big credit problems in the past and that’s where my Mr. Ed Department will help you put your credit problems — in the past!
So don’t delay – call or log on today.
Ms. Ed

How’s Your Credit Health?

September is National Health Awareness Month. –So how’s the health of your credit?
It’s recommended you have an annual check up for your health to make sure everything is going well. The doctor will take your vitals, but what about your credit vital signs? Keep your blood pressure down and keep your credit score up.

Doctor Ed recommends you :
· Pay your monthly auto payments early
· If you’re minimum credit card payment…try to double your minimum payment!
· Small collection account? Call & Negotiate the balance!
· Don’t apply for every credit card you receive (keep your inquiries to a minimum)
In making these small changes to your credit report, you can make big differences with your credit score.

Saving Time & Money, One Step At A Time

Saving for a new car? Or maybe you just want some extra spending money? Here are some tips from The Simple Dollar- a site all about saving money.

Savings = Better Vehicles, Better Financing

Looking for a new car? Need some extra cash? This is a summary of some of the most effective changes we can make to our daily lives that will help save up that extra cash we need. Every penny you save can go towards your first auto payment.

1. It’s true what they say, you shouldn’t go grocery shopping when you’re hungry. You’ll buy everything in sight, and most likely just the satisfy-you-right-now foods instead of anything with actual nutritional value. So the first tip is to make a grocery list AND stick to it! Having a plan before you arrive at the store will decrease your grocery bill substantially. That extra $50 can go towards your down payment!

2. Yard sales: Need to make some extra cash? Have a donation pile stacked up in the back of your closet? Want to get rid of clutter around the house? Have a yard sale. On the flip side, try an early morning yard sale outing over a trip to the mall. You will find a lot of cool stuff and save big bucks! You’ll feel so excited about the money you save, maybe enough to fill your gas tank for a month.

3. Look for sales and coupons, (rewards programs, groupons, whatever!). You’ll eventually look at things at full price and have a practical view of how much that item is worth to you. Is it worth a month’s payment of auto insurance?

4. Adopt a Do-It-Yourself mentality. Plant a garden to grow your own vegetables. Look up recipes of your favorite meals to avoid restaurants and gourmet grocery meals with small portions. Pack your lunches before school/work. Invite friends over for a crafts or movie party instead of going out. Whatever it is, there is probably a cheaper way to do it. Take the cash you save and put a little away for that rainy day.

5. Do your research! Whether you’re trying to save money on everyday costs or entertainment, the internet is your friend! Check out websites of your favorite stores for coupons before you even leave the house to find which stores will benefit you the most. Research which brands are worth buying generic and which brand-name. Search the web for free events around your area.

All of these money savings tips can bring you that much closer to purchasing the vehicle of your dreams! And spending less means you’ll have more to put towards accessories to make your car your own. Hope you find these tips helpful. Just taking baby steps in the right direction helps us get started on a positive note.

Knowing where we stand

I think we can all agree that it’s hard to improve your position in life, love, finances, really anything, if you don’t know where you currently stand in the first place. In fact, according to the 2009 Financial Literacy Survey taken by the National Foundation for Credit Counseling, 37% of the American adult population (meaning more than 1/3) doesn’t know what their credit score is.

So I think it’s time that we face the truth about credit in Arizona. In fact, this may even make you feel better (No really). So here it is:

In 2011, Arizona was ranked number 5 in a national listing of states with the worst credit health researched by cardratings.com. The test was conducted by scoring 2011 statistics concerning the following criteria:

1. Average credit scores
2. Foreclosure rates
3. Credit card delinquency rates
4. Unemployment rates
5. Bankruptcy rates

The cause of our strong negative ranking is due to our position within these fields of credit. Arizona was found to have the second largest number of foreclosures and to be among the 10 worst states for credit scores, credit card delinquencies and bankruptcies. I know I said this would make you feel better, but stay with me here. What these statistics prove to show us is that if you have bad credit, you are not alone.

While personal credit is an individual’s responsibility, if your surrounding area has bad credit, it can affect everyone, leading to a catch 22. When our state’s economy is down, banks and other lending institutions have to limit their available financial services, making them reluctant to extend credit to its customers. This causes the economy to develop more slowly, affecting employment and business conditions, even real estate values, and therefore limiting ways for residents to recuperate from their current credit situation.

So how do we fix this? How do we, as a state, confront our bad credit together? Well, baby steps really. As individuals, we can slowly but surely turn things around. First, GO TO YOUR BANK AND FIND OUT WHAT YOUR CREDIT SCORE IS. Secondly, ask them if there is any way to consolidate your debt, minimize your current interest rates, or set up a savings plan to go towards paying off debt. Don’t be afraid to ask these questions. The banks may seem scary sometimes, but they need your business just as much as you rely on them. Why? Because they can be your defenders. And they need to continuously Earn Your Business. If you are a loyal customer to your bank and/or credit card agencies— meaning you you’re your payments on time (mostly), you’ve been with their company for a long time as opposed to switching banks all the time, and you go to them with most of your financial needs—then they’re more willing to help.

The most beneficial thing you can do is make a plan, stick to it, and watch out for false advertised “quick fixes” to credit. There’s NO such thing.

And remember, it’s ok to ask questions. Ask your personal bankers. Ask your favorite search engine. Heck, you can even post them here if you like. And share your knowledge because the more everyone does their part, the faster (although I’m using that term loosely) everything will begin to turn around for our state.

Credit Rebuilding: Pace Yourself and Don’t Give Up

You know that expression, “Only two things are certain in life: death and taxes”? Well, I think they meant three things: Death, Taxes, and Bills. Bills can be overwhelming. But having a plan, and sticking to it, can make a world of difference. We all have our savings accounts for various dreams: the kids’ college funds, a vacation or just a really big purchase for fun. But we also have our checking account for daily needs and credit cards for emergencies. But it doesn’t always work out like that. Often the checking account pays for smaller fun purchases, making the credit card for daily needs, and suddenly our savings account isn’t actually holidng onto anything to save. Here are just a few suggestions to get each account back in its place.

1) Pay yourself first– that means don’t get overzealous in paying your bills. Yes, its exciting knocking down that credit card bill an extra hundred dollars, but it’s more important to make sure you’re supplying your savings account for emergencies. What if you can’t make your credit card payment next month? It wont matter that you paid $100 in principal payments last month. The CC company will still want their regular payment to be made.

But again, don’t get overzealous is stocking your savings account either. Ten percent of each pay check is enough to build up as long as you leave it alone for as long as possible. Keep enough money in checking to cover your bills and just a tiny bit extra for the unexpected expenses until next pay period.

2) Have a savings goal– A good goal to shoot for your savings account balance is the equivalent to six months worth of rent or some other rather large but necessary bill. Because typically, if you’re have money troubles, they don’t just touch and go. They usually stick around for a while before you’re caught up. But don’t expect to fund that goal all in one, two or even just three pay checks! If you could do that, you probably wouldn’t be reading this blog. It’s just a number to shoot for to feel comfortable in case something out of the plan occurs. Say you are unexpectedly out of a job or just get behind because you missed work from being sick, you have enough savings to catch up on bills or cover yourself while you find a new job.

3) Get rid of the excess– There is a reason why it’s called CREDIT: credit means you’ve earned a score indicative of your loyalty and responsibility to your bills. It’s a rating for how well you manage your finances with your other responsibilities. Granted, it’s an imperfect system and can forget to take that little unpredictable thing called LIFE into consideratioin. So don’t get too stressed because you CAN improve your score, day by day, decision by decision. So what is it in your life that is unnecessary? Is there a landline in the house that hardly gets used? Do you really need to go to the salon every week? Most importantly: Do I really need to make this spiratic purchase?…on my credit card?

4) Don’t commit to too many cards– If there is no absolute reason for credit cards, DON’T USE THEM. Chances are you’ve already used a couple. Stop before you get too far ahead of yourself. If you have the money to pay for something, use it. Or better yet, question how much you need this item or service. But most importantly, be informed about the terms of your credit cards. Ask a personal banker or credit representative to explain the terms and interest rates available for your card and with your credit history. Sometimes we can get better deals, we just have to think to ask.

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