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How Houston Car Title Loans Impact Your Credit Score
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When you have bad credit, banks and credit unions won't lend you money, no matter how willing and able you are to repay them. Of course, car title loans in Houston are available regardless of your past credit problems, whether you've gone through bankruptcy or you have serious delinquencies on your record. If you're considering car title loans, Houston has plenty of great lenders to choose from to offer you flexible repayment terms and up to $15,000 cash against the value of your car.
Of course, you may be wondering: will getting a title loan help my credit, the same as a mortgage or credit card might? Unfortunately, the answer is no, lenders will not report your loan to the credit bureaus, just as pawn lenders do not. Of course, this is also an advantage, as it means lenders won't check your credit to begin with.
For some, that might be the end of the subject. The truth is, Houston car title loans CAN be used to improve your credit, albeit not directly. Rather than the loan reporting to your credit report, you can use the money to improve the accounts that already do.
Paying Down Credit Cards
Do you have maxed out credit cards? If so, remember that a significant percentage of your FICO score is determined by the amount of available credit compared to your debt load. Maxed out cards can hurt your credit score a lot, but if you want to get approved for a mortgage or new car loan, you can use car title loans in Houston to pay down or pay off these balances to improve your score and enjoy better interest rates in the future.
Getting a Secured Card
Secured credit cards are the number one way to improve your credit if you can't get approved for a regular card. Unlike prepaid cards, they will report to credit bureaus and improve your score if used responsibly, but they do require a security deposit of at least $200 to $400, which will be equal to your new credit limit. Search for a card with an annual fee under $40 and no hidden charges, then use Houston car title loans to get the cash for the refundable security deposit.
Avoid Late Payments
Late payments don't just cost you in fees, they also hurt your credit score. If you're worried you're going to miss a payment on a car loan, mortgage or rent, utilities or credit cards, turn to car title loans in Houston to get the money you need to improve and maintain your payment history, which will improve your credit over time.
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