Quick Credit Tips

In the spirit of July 4th I thought I would provide you all with some tips on how to achieve credit independence.  Not every tip here is applicable to every situation but they are great things to keep in mind when you are seeking an automobile loan (or any other type of loan for that matter).

1) Be Selective:  When considering sources for a car loan, make sure that you do not apply to multiple places at once.  If you are serious about working with one of OnlineCreditMagic's affiliate partners, please do not spam the world wide web with applications - you will only hurt yourself!  One aspect of your credit score is recent credit inquiries - if you have too many of them in a short period of time your credit score may be adversely affected.  Additionally, some lenders will automatically disqualify applicants with too many inquiries over a short period of time.  Once you've applied through OnlineCreditMagic, let us do the magic!  Give us some time to work with our partners and lenders to get you the vehicle you want.  Once your application has been forwarded to one of our partners in your area, please do not hesitate to contact them for status updates.  However, understand that placing subprime auto loans is a time consuming and sometimes difficult process and that you may need to be patient for a few days as we work with lenders to place your loan.  Very often we have an approval but are working for the right approval with the right conditions.

2) Be Realistic: Ferrari....Porsche....Bentley...they are all wonderful, aspirational vehicles.  But...can you make the payment?  Remember, if you are here at OnlineCreditMagic its because you've had some credit issues in the past.  Don't make the same mistakes of the past.  Pick out a vehicle that you like but more importantly one that you can afford.  One bad auto loan can hurt - multiple poor auto loans can be devastating to your credit.  Your income also has a lot to do with what type of vehicle you can afford and the bank will approve you for.

3) Be Honest: You need to be honest with yourself and the partner you are working with.  We can usually overcome most issues if we know about them upfront.  However, if we've placed your loan with a lender under the premise that you can prove your income only to fnd out at funding that you get paid "under the table" we've soured that lender.  Perhaps if we would have dealt with that issue up front the lender would have approved it anyway - people hate surprises.  Be straightforward and honest and we will go to work for you!

4) Be Committed: Yes, you can probably get approved with little or no money down.  But does that make sense?  With past credit problems banks like to see some level of commitment from you.  The more money you put down, the lower your unpaid balance, the lower your payment and the less interest you pay!

That's all for now.  Again, please feel free to use this forum to ask any questions.

Doctor Credit



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