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How to Get a Line of Credit

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When it comes time to borrow money, there are many options and avenues available to those with good credit.

The typical route that high credit borrowers take is to go straight to the bank for a traditional fixed or variable-rate loan, while one of the lesser-used options is to take out a line of credit.

Businesses have been using lines of credit for years in order to satisfy their capital needs, but individuals rarely tap into lines of credit, often because they don’t realize it’s a possibility.

This post goes through the basics, explaining what a line of credit is, as well as how to take one out.

What is a Line of Credit?

A line of credit is basically a flexible loan from a bank to an individual or (more commonly) to a business.

A line of credit establishes some amount of money that the borrower can access as needed, which they will then repay immediately or over a specified period of time. Similar to loans, borrowing money with a line of credit leads to interest charges that start accumulating as soon as the money is borrowed.

A line of credit can be more advantageous than a traditional loan because you only have to pay interest on the money that you actually use, whereas with a traditional loan, you’re charged the full amount of interest on the entire loan from day one.

Taking out a line of credit also helps to improve your credit score, which will be used to determine how much you can get approved to borrow in the first place. The more you borrow and pay back on time, the higher your credit score will rise and the larger a line of credit you’ll be able to get approve dfor.

How to Get a Line of Credit

Obtaining a personal line of credit typically requires a good credit score and good credit history, especially because lenders burned by the financial crisis are less willing to extend this type of borrowing than they were in years past.

To maximize your chances of approval, it’s best to apply for a personal line of credit when your finances are healthy, rather than after you’re already in trouble.

A quick survey of banks and credit unions finds that personal lines of credit are available in a variety of amounts and interest rates. As one example, Wells Fargo offers personal lines of credit in amounts ranging from $5,000 to $100,000.

According to statistics, most personal lines of credit are typically provided for amounts below $10,000. And when someone wants to take out a line of $50,000 or more, a much more rigorous review process kicks in to ensure that the borrower is fully qualified. At that point, paperwork such as tax returns and documentation of personal assets becomes absolutely necessary to receive an approval.

A Wells Fargo survey of clients who took out personal lines of credit found that funds were typically used to consolidate debt, pay education or medical costs, or pay for used cars or home improvements, so the resources appear to get used in about the same way as traditional loans.

However, some consumers use lines of credit for smaller costs as well, like vehicle repairs, furniture, educational expenses and insurance costs.

Car Capital Financial

If you don’t get approved for a new line of credit, or if you can’t borrow enough money this way, then you may need to consider a vehicle title loan instead.

Title loans are a safe form of secured loan that uses the equity value of your car, boat, or other vehicle as collateral for a personal loan.

A title loan works by awarding you with cash based on the value of your vehicle. In exchange, the title loan company takes temporary ownership of your car’s title (pink slip).

Typically, you begin to make loan repayments about 30 days from the time you take out your loan, and once you’ve fully paid it off, your title will be returned.

Some title loans are better than others, as not all companies allow you to continue driving your car during the course of the loan.

If you need money now, and you’ve got a vehicle that is either totally paid off, or nearly paid off, then you’ve virtually guaranteed to qualify for a safe, reliable and affordable car title loan from Car Capital Financial. Title loans are issued based on the borrower’s ability to repay the loan.

If you’re a Southern California resident, we can get you the money you need in as little as 30 minutes from receiving your first call.

To get your title loan today, call us now at 1-888-500-9887!

Types of Equity Loans

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Are you considering taking out an equity loan? If you own a considerable amount of equity, such as a car, a house or other substantial possessions and need to raise money fast, an equity loan may be one of your easiest and most reliable options.

What is an Equity Loan?

An equity loan is any type of loan in which equity is used as the collateral. For example, if you take out a mortgage on a house, then this house is the collateral, and could be used as equity if you chose to take out a home equity loan.

In fact, there are two main types of equity loans, home equity loans and title loans.

To find out which loan is best for you and your unique financial needs, read on:

Home Equity Loans

A home equity loan is a loan in which you take out a loan against your home. Depending on how much your house is worth and how much you have paid off your mortgage, typically determines how big or small a loan you can take out.

Home equity loans are often also referred to as “second mortgages” or “lines of credit” and are usually used by homeowners that are in desperate, immediate need of cash.

Unfortunately, there are some downsides to taking out this kind of loan. You risk losing your home if you miss making regular payments. And this doesn’t just mean you’ll lose the roof over your head, but your credit score will also be seriously damaged.

While home equity loans can seem like a fast way to generate cash, it is important to consider the potential negative side effects before you take one out.

Title Loans

Generally speaking, auto equity loans or title loans are a much safer form of loan compared to home equity loans. This is because this type of equity loan uses the value of your car as collateral, which more than likely is of much less value than your home.

A title loan works by you being awarded with cash, based on the value of your vehicle. In exchange, the title loan company takes temporary ownership of your car’s title (pink slip). You will then have to repay your loan in full (you are usually given several years to do so) in order for the pink slip to be returned into your name. You will also be able to drive your car as you make your repayments.

Ultimately, title loans provide you with a fast and safe way to raise money fast, without you having to risk losing your home or give up driving your car in the process.

Choose Car Capital Financial

If you’re a Southern California resident looking for an auto equity loan, choose Car Capital Financial. We are one of Southern California’s most trusted title loan companies and have been awarding loans of great value for over 20 years. Title loans are issued based on the borrower’s ability to repay the loan.

To get your title loan now, call us at 1-888-500-9887!

How to Improve Your Credit Score Without Credit Cards

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There has always been the notion that credit scores have everything to do with credit card usage. However, your credit score isn’t as closely tied to those pieces of plastic as you might think.

In reality only a small portion of your credit score is based on having and using credit cards. Even people who do not want to use credit cards can build a respectable credit score.

There are several ways to build or improve a credit history without using credit cards. Among them are:

Secured Loans from Credit Unions

Borrowing from a credit union is made possible by:

This type of borrowing is backed by money you place in a credit union savings account. The interest rates for credit union loans are typically only a few percentage points above the rate you earn for keeping money in credit union savings accounts.

Credit union loans are typically easier to get than traditional bank loans, since credit unions are more likely to be looking for ways to say yes. Credit unions are often willing to look at more than just your credit score, and will consider questions like whether or not you are responsible with existing bank accounts and whether or not you appear to be actively saving money.

Partaking in fiscally responsible behaviors will help you earn the trust of your credit union, making it easier to take out a loan from them and improve your credit score as you pay that loan back.

Traditional Banks

Bank accounts do not factor into your credit score but the relationship you build with your bank may lead to financing opportunities. If you have existing accounts in good standing at a bank, you will be far more likely to be able to take out a loan when compared to someone who has the same credit score, but has never had any dealings with the same bank.

Pay On Time

Pay your bills on time. Payments that arrive late are marked “past due” 100% of the time, even if they are only late by an hour, so make sure that you pay each and every one of them on time. Your credit report won’t explain your exact financial situation to potential reviewers, banks or other entities that you’re trying to get financing from – all that it really tells them is whether or not you can be expected to make payments on time.

If you do run into financial difficulties, then you’d better be prepared to consult with your creditors and work out a payment plan before missing any payments, otherwise your credit score is likely to drop.

Become An Authorized User

When you’re added to someone’s credit card as an authorized user, his or her history with that card is typically imported to your credit report. If the person is in good standing with his or her creditors, that could enhance your own score.

However, if the other person runs into financial trouble, misses payments or defaults on loans, then it could spell big time trouble for you. Fortunately, it’s easier to pull yourself back from the brink when the problematic part is someone else’s responsibility, as you can remove the negative pieces from your own credit history simply by being removed from the account as an authorized user.

The other person doesn’t need to give you access to the card to add you as an authorized user, but you should make sure the credit card will export the information to your credit reports. Some issuers will only import authorized-user information for spouses and immediate family members.

Address The Issues Affecting Your Score

For some people, a low credit score might be caused by late payments, accounts in collection or high debt to income ratios, while for others, the culprit could be a reporting mistake.

Building your credit score will require addressing the specific issues causing concern for potential lenders. If you are unsure about which factors are causing your credit score to dip, then contact the reporting agency to speak with a customer service representative.

Studies suggest that up to 25% of credit reports can contain serious errors, such as outdated personal information, mistaken or fraudulent accounts, and incorrect account details. Fixing these errors can give your score an immediate bump.

Car Capital Financial

If you need to build your credit fast and live in Southern California, then think about getting a car title loan from Car Capital Financial.  Title loans are issued based on your ability to repay the loan.

We are a trusted title loans company with over 15 years of experience, and we pride ourselves on delivering fast, reliable and affordable car title loans.

Call us at 1-888-500-9887 to get your cash loan today.

How to Get Home Loans for Poor Credit Holders

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If you are in need of cash fast and own your car in full or have almost paid it off, call Car Capital Financial now at 1-888-500-9887 to get your title loan today!

We specialize in awarding fast loans to clients in financial need. If you need to raise cash fast, we’ve got you covered! Call us now.

How to Get Home Loans with Poor Credit

If you have poor credit, your chances of getting a home loan approved typically become seriously reduced. Home lenders like to lend to home buyers they can trust, and they usually judge their trustworthiness through their credit score.

Therefore, if you have a bad credit score, getting home loans with a poor credit score can be extremely difficult. However, there are some ways of getting around this and still being able to get a good mortgage rate, and these include:

Demonstrate Other Financial Assets

Even with a bad credit score, you may own valuable assets that can serve as considerable equity. Perhaps you own a car, other property, a considerable amount of money invested in your 401k or a hefty life insurance. If you can demonstrate any of these (such as through written documentation) to home lenders they may be more willing to offer you a mortgage at a decent rate. This is because despite your poor credit score you can still demonstrate that you have sufficient funds available should a financial crisis arise.

Show Stable Employment

If you have stable employment and earn a decent to high salary, this is another asset worth demonstrating to home lender companies to offset your poor credit score. The fact that you can show you have a steady income will suggest to mortgage lenders that you will have a sufficient cash flow to cover your monthly mortgage payments, and could persuade them to overlook your poor credit score. When directly consulting with home loaners, arrive prepared by having at least your last two previous pay stubs at hand as well as documentation that proves how long you’ve been working at your current position.

Increase Your Mortgage Down Payment

One of the easiest ways to get around home loans for bad credit owners is to increase your down payment offer considerably when attempting to purchase a property. Instead of putting down the usual 10-2o% down on a property, consider seriously upping this amount. You may have to go as high as a 30% down payment to convince home lenders that you’re eligible for mortgage approval, but if you have that level of cash, it may be worth it if it means getting a home loan approved for your dream home.

Use a Specialist Home Loan Bad Credit Company

There are companies out there that specialize in awarding home loans to bad credit owners. These loan companies will typically make getting a home loan approved significantly easier for you. However, the loans these companies offer also typically come with major strings attached, such as a much higher interest rate. Before you sign up for one of these types of loans, seriously consider the potential long term financial consequences.

Get a Co-Signer Who Has Good Credit

If all else fails, consider getting a co-signer on your loan who has a good credit score. This can be a risky way to go, as you must be able to trust the person that is cosigning completely, but it may also help you get your loan approved much more easily. You will probably want to ask a close friend or family member that you can absolutely trust to cosign the home loan with you, and while there’s a chance he or she could say no, it’s at least worth a try.

Car Capital Financial

If you need to raise cash fast, whether it is to put a down payment on a home or to make any other major type of purchase, call Car Capital Financial to get your cash title loan as fast as today.  Title loans are issued based on your ability to repay the loan.

Call us at 1-888-500-9887 to get your cash now!

How to Raise Your Credit Score Fast

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Do you have a low credit score and need money now? Then call Car Capital Financial at 1-888-500-9887 to get your no credit check title loan as fast as today! We provide title loans on the same day of request without ever asking to see or know what your credit score is.

And if you are looking for fast ways to raise your credit score, try our following suggestions.

Check Your Credit Report

You’d be amazed just how easily mistakes can be made on credit reports. However high or low your credit score is, get a copy of your credit report and examine it thoroughly to see if you come across any errors. If you do find errors, contact the credit bureau immediately and get the issue resolved. If an error is present, your credit score could easily be bumped up a point (or several) once this error is corrected.

 Pay off Your Debts

One of the easiest ways to raise your credit score is of course to pay off your debts. If you can afford it, pay off your debts in total immediately as this will have an immediate and substantial positive effect on your credit score. Alternatively, if you can’t afford to pay off all of your debt at once, create a strategy to start doing so and gradually begin to pay it off. The smaller the amount of debt, the better your credit score, so even if you can only put a tiny amount of cash toward your debt, do so.

Take Out an Installment Loan

Taking out a short term installment loan can actually benefit your credit score. This is because successfully paying off an installment loan demonstrates financial responsibility, and in turn your credit score will be improved. A top short term loan option to consider is a title loan, which you can take out if you have paid off your car in full or have almost paid it off. A title loan works by awarding you a cash sum based on the value of your car, and in exchange the title loan company temporarily takes ownership of your title. You are free to drive your car as you pay back your loan, and the title will be returned into your name as soon as you have paid off your loan in full. To raise your credit score quickly, definitely consider taking out a title loan.  Title loans are issued based on your ability to repay the loan.

Stop Putting as Much on Your Credit Cards

The more credit card debt you rack up, the worse your credit score, so start putting less on your card as soon as today. Try to live within your financial means as much as you can. You may need to cut back on groceries, clothes shopping, trips and various other expenses to allow yourself to live within your means. However, these are sacrifices worth taking if it means your credit score will improve.

Always Pay Your Bills

One of the most damaging things you can do to your credit score is not pay your bills on time. Unpaid bills will eventually go into a debt collections agency, which once at that stage will seriously damage your credit score. Put paying bills (such as cable, electricity, car payments etc) on the top of your financial agenda and always make sure they there are paid off first each month. Raising your credit score quickly is possible, but it takes a lot of financial responsibility, and always paying your bills on time is very much one of these responsibilities.

Car Capital Financial

Get a no credit check loan at Car Capital Financial, a premiere Southern California title loan company. Call us now at 1-888-500-9887 to get your money as fast as today!