Often, drivers dealing with bad credit feel that there’s nowhere to turn to for help and there’s no way to improve their score. In this rough economy, the loss of a job or other financial hardships can often leave borrowers feeling overwhelmed.
Recently, ABC Channel 10 Sacramento outlined some tips that borrowers can do to help improve their score. One was to simply talk to creditors. Before a consumer simply gives up and assumes their credit score will be ruined once a job is lost, the consumer should try talking to his or her creditors in order to discuss alternatives. There are also non-profit credit counseling agencies that can assist.
Another tip is to jump back into the credit business once a consumer is back on his or her feet. A credit score won’t improve on its own – drivers need to consistently make some type of payment. Drivers may be interested to know that they are often pre-approved for a car loan. Once the loan is secured, every payment the driver makes on time serves to increase his score. Over time, the driver can slowly improve his or her score and possibly even gain the option to refinance the loan at a more desirable car loan rate.