How to Rebuild Bad Credit
Bad credit holding you back from purchasing the vehicle of your dreams? Don’t worry; you don’t have to give up on your automobile ownership dream just yet. You can rebuild your bad credit gradually.
What Results in Bad Credit and How Long Does the Rebuilding Process Take?
Bad credit can result from a number of reasons. You may have made poor financial choices or been subject to unfortunate life experiences that obligated you to take care of monetary obligations. You could also end up with bad credit if you misreported your credit.
Let’s understand what is meant by “bad credit” in detail. Bad credit stands for credit history with negative remarks such as charge-off accounts, late payments and the like, which damage your credit score.
While a definite timeframe cannot be guaranteed in which you might be able to repair the credit mistakes you’ve made in the past and build back your credit score, the negative information on your credit report is definitely time-bound.
You can expect information about late payments, charge-offs, settled accounts, foreclosure and bills sent to collection agencies to remain on your credit report for a maximum of 7 years. Information about closed accounts and bankruptcy filings can stay on for as long as a decade’s time.
Tips to Help You Rebuild Your Bad Credit
• Practice making pending payments on time. Your payment history affects your credit figures greatly. Try not to miss making any payments when you are trying to rebuild bad credit.
• Do not use up all of your credit limit. Make it a practice to use only about 30% of your entire credit entitlement. That way, you can make sure that you will be successful in repaying the borrowed credit on time. Also, the lesser you borrow, the better you are able to maintain your rating.
Purchase Your Preferred Nissan Car on Credit
At Bruce Bennet Nissan located in Wilton, CT, we let customers from areas such as Wilton, New Haven, Fairfield, and Danbury buy their pick of Nissan vehicles on credit. However, you will need a good credit rating for us to be able to trust that we’ll not be incurring any losses or late payments by striking a deal. So, if you struggle with bad credit, you can use this handy guide on rebuilding your credit score before you come down to make your purchase from us.