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    HELP!! Need a new car with terrible credit. How do I repair instantly??

    I have owned my own house and had credit cards and paid on time and paid them off. The house I sold. I lost my job and ended up in debt about $7,000. Now I need a new car and want to lease. Well, I am going to call the collections and pay of my debt, but how long before it looks good again? How do I make it look better to leasing agents? Please help!
    a few seconds ago 4 Answers

    Best Answer

    Chosen by Asker
    The best way to repair credit is to establish good credit history again. I work with equifax(which is the main source that most dealerships and finance/leasing agents use to pull credit) and though the scoring system is impossible to figure out, the thing that I tell people that I personally know will make your credit scoring go up is to go get 3-4 credit cards. There are several cards you can get with poor credit, search the Internet and sign up! Once with the cards, go have fun and run them up to their limits (generally with poor credit your highest limit will be $200-$500). Here comes the hard part, pay the minimum payment each month on all cards, which should be around $20-$30. Yes you will pay the high interest rate, but with equifax and their scoring system it rewards people that are up to date with their payment, pay interest(better for credit card companies), and pay on time! Once you have paid down the debt on the credit cards for 6-12 months you will be surprised how much your Beacon score will go up. After this 6-12 month period I would check your credit and go back to the dealership to see what financing options you would have available to you. I could go on but I hope this helps
    a few seconds ago

    Other Answers

    • Sounds like you've been through rough times. Things will get better in time. But on your credit report it will appear if you had any outstanding balances, late payments etc....for at least 3 years, depending on the creditor. To get a new car, you'll most likely need a co-signer and a hefty down deposit, but there are car companies that deal with people who have bad or no credit at all. They offer 3rd credit, the interest rate is very high, sometimes it could go up to 30% per year. Shop around, you'll find something, but for a new car? I'm not sure if you'd be accepted at this point. You can always try, but once every 6months, if you ask for credit whether it be for a car or credit card, the more you ask for credit the more you look desparate, and they are likely to refuse you, to them right now are what they call " High Risk". Take my word for it, been there done that. Call for your credit report agency to get a copy of it, if oyu have low ratings, don't bother to shop for a new car, if it's average then try, believe me, I'm not trying to discourage you. Good Luck

      by sunfire1165 - a few seconds ago

    • Don't think there is any instant way to fix your credit. You should look for car dealers that sell to people with bad credit. They usually have ads such as your job is your credit, etc.

      by Blackbeard - a few seconds ago

    • You need to find a car dealer that advertises Special Finance and go talk to the Manager, they can help you.

      by SPIFIMAN1 - a few seconds ago

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