(833) 839-2274  157 N State Road 7, Plantation, FL 33317

BlogBlogSteps to Improve Your Credit Score

Steps to Improve Your Credit Score

Credit_ScoreWhile losing weight or quitting smoking might be on your New Year’s resolution list, you might want to take some steps toward improving your credit score. Raising your credit score can have some seriously positive effects on your future including better rates on loan, help in buying a car or home, and even in landing a better job. If your credit score is not quite where you want it to be, here are the steps necessary to repair it.

 

  1. Pay off any past due accounts. The bulk of your credit score is based upon your payment history. If you do not pay the majority of your credit payments on time, you will have a poor credit score. To improve your score, find your past due accounts and work on paying them off as fast as possible. Then, work on paying everything on time.
  2. Pay any collection accounts, then charge-offs and liens. Any account that has been sent to a collection agency will have a negative impact on your credit score. Once you have taken care of past due accounts, begin working on collection accounts. When you pay off a collection account, be sure to ask the collector to erase the account from your credit file. If you have any charge-offs or liens less than 24 months old, pay those off as well. Any accounts older than 24 months will have a negligible effect on your credit score.
  3. Ask for adjustments. If you have accounts with a single late payment, call the creditor and ask for an adjustment in good faith. You may have had an instance where you simply forgot to pay a bill or had a time where you were short on cash. Ask the creditor to forgive the late payment.
  4. Consider consolidation. You could very easily consolidate some and possibly all of your revolving debt into one much lower payment by using a car title loan from Embassy Loans. Paying off your revolving debt accounts will lift your credit score as will paying off your new car title loan. Keep lines of credit open, but work on paying all of your debt payments on time each and every month to continue lifting your credit score. To take out a car title loan, you must own a vehicle that is paid off or nearly paid off and possess its title.

 

If you are looking into buying a new car or a home, you can help yourself greatly by having a good credit score. Follow these steps to improve yours and reap the benefits.



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

Get In Touch

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.

© 2024 · Embassy Loans · Site built by DMA

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.