Poor Credit Card Application
Posted by admin on September 20th, 2009 at 12:00am
Question:
What are the best companies to send in a poor credit card application?
I have missed two payments on two differents credit cards. I have never had a court payment and I have always been a good borrower. Now I have to finance a vehicle and I do not want to make my credit score worse with another denied poor credit card application.
Answers:
Making late payments on a couple cards will decrease your credit score, but if that’s the main bad thing on your credit report, then you should be okay. You may need to pay a higher interest rate, but surely nothing like what individuals with bankruptcies or judgments need to pay.
To not have your credit shopped all over the place, which is what many dealerships do, your luckiest bet is to be pre-approved. Pre-approval also places you in the front seat when it comes around to negotiation.
I used to sell autos and I understand all the tricks dealerships use to squeeze you out of your money. Read up on my insider tips prior to heading out so that you are not going to get ripped off!
In your circumstances, I would recommend that you look at e-loans or Roadloans to get pre-approval. You can get links to them via my website.
Both of the companies are national companies that perform their own loaning so your credit is not going to be pulled multiple times.
They will issue you a blank check to bring to the dealerships and that way you may discuss and negotiate for the best price on the car you choose without getting the dealership to try and take advantage of you!
I have an associate who went with Roadloans twice and her credit was very bad. Based on her poor credit card application, most lenders normally would have given a loan for around 10% bigger than Roadloans issued her. They were decent to her the whole way through and even issued her an additional loan 18 months later with smaller interest!