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Fixing Your Credit History

Handle-on-DebtConsumer debt is at an all-time high, hovering around $3.4 trillion and still climbing. The average household that owns at least one credit card has in excess of $15,000 in credit card debt. The financial disaster of the previous decade is still plaguing many across the nation. If you are one of the many whose credit was destroyed as a result of the economic crises of the 2000s, there is a way to repair your credit history.

 

  1. Check your credit report periodically. You are entitled to one free copy of your credit report each year. Use it to your advantage. Check the credit report for any errors. If you do find errors, contact the credit bureau to dispute them. Correcting any errors will result in an adjustment to your credit score.
  2. Make payments on time. You must make all of your credit payments on time. Set up payment reminders to make sure that you make these payments. Paying your bills on time is one of the biggest components in the makeup of your credit score. A late payment on a mortgage or a car payment will have a dramatic effect on your credit score.
  3. Reduce your current debt levels. The closer you are to the maximum borrowing amount on your credit cards, the lower your credit score. If you have a $10,000 limit on a card and you have used $9,500, your credit score suffers. Stop using the card and develop a plan to pay this balance down.
  4. Consolidate debt. You can always use a car title loan to consolidate debt and pay it off quicker. A car title loan from a company such as Embassy Loans for example is easy to obtain. There are no credit checks and you can receive payments very quickly – in an hour in many cases. Using a car title loan to pay off debt and then subsequently paying off the car title loan is also good for an individual’s credit history.
  5. Be consistent. Make all of your payments on time. Avoid overdrafts at your bank. You may want to consider a bank that offers overdraft protection. The process of fixing one’s credit will not happen overnight. It is much like losing weight. You have to be disciplined over a long period of time before you begin to see any results. Be diligent, and within a year or two your credit history will take a turn for the better.

 

 

 

 



Embassy Loans is a leading provider of auto title loans since 2005

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Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

Monthly Interest Rates range from 1.5% to 2.5% (18% to 30% APR), with 15-18 Month Terms.

No Prepayment Penalties!

Embassy Loans uses “Title Loans” for advertisement purposes only and provides auto equity loans. Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” under Florida Statute 516 and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

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Frequently Asked Questions

What is an Auto Equity Loan?

An auto equity loan, sometimes known as a car title loan or a car equity loan, is a type of loan that allows you to borrow money by using your vehicle as collateral. The loan is secured by your vehicle, meaning you agree to use the equity in your car to back the loan. 

What is an Unsecured Personal Loan

An unsecured personal loan is a loan that does not require collateral. Funds are provided based on your credit worthiness and your ability to repay. 

What Is the Credit Builder Program

The credit builder program is designed to help individuals establish or improve their credit score with the primary purpose of building a positive credit history through regular payments.

Can i have more than one Loan at a time?

Embassy Loans can only extend one loan at a time and it’s advisable to start with one and focus on making payments in a timely manner to prevent default.

What happens if I miss a payment?

Missing a payment can have negative consequences, including late fees, a drop in your credit score, and potential default on the loan. Consistent, on-time payments are crucial to benefit from the program.