Spruce up your credit history

Spruce Up Your Credit History

5MinuteAutoLoan.com is a division of Izmo Media, Inc. which is the leading provider of online solutions for media companies. 5MinuteAutoLoan.com will help you obtain financing for a vehicle through the network of dealers and online finance companies. Also this website offers a lot of tips to get quick and easy auto loan. More and more people are falling for the tempting bait of credit. In the credit-card balancing world of today, it is inevitable that one is being judged based on his or her credit rating. This is further compounded by increasing individual needs and wants. The new car or rising fuel and maintenance costs are everyday dilemmas on has to face.

Here is one of the tips: The rule of thumb says that the amount of money you pay toward debts should be within 30% of your annual income. If you are considering an auto loan, add up the total amount you pay off as debts each year, including the amount you plan to pay on your car. If this amount exceeds 30% of your annual income, you’ll need to lower your debt-to-income ratio immediately. This means that, you either clear some debts before applying for a car loan, or reduce the amount you want to borrow.

Make timely payments on your other credit accounts prior to applying for an auto loan. If you have made timely payments for a few months, it could improve your chances of approval by the lender. You must also refrain from applying for other forms of credit. Inquiries on your credit report also lower your credit ratings.

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