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FAQs Archives - Luckys Auto Credit: Long Beach Used Cars

Buy Here Pay Here – How does it work?

How Does It Work?

The approval process is simple at Lucky’s Auto Credit. Applying online is fast and easy, and the dealership is conveniently located in Long Beach. We look at varying individual factors, not just your credit, to determine your approval. Normally, it only takes a few paycheck stubs and a driver’s license to get approved! Thousands of people with less-than-ideal credit have purchased vehicles at Lucky’s Auto Credit.

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Garnishments on Your Credit Report – 3 Ways to Resolve Them

When facing debt that can’t really be paid, the best plan of action is to act early and speak to your creditors to see if you can negotiate a payment plan or achieve some sort of payment arrangement. If debt goes unpaid and overlooked, the court may interfere by issuing a judgment requiring your employer to “garnish” or withhold a bit of your wages or financial balances to pay back the debt.

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How to Remove Tax Liens from your Credit Report

Tax lien has derogatory impact on the credit score. Consumers with no other credit issues could lose 100 points with tax lien. Being one of the most difficult credit issues to overcome, it can stay on the credit report for 7 years and in certain situation, forever! Unlike other collection accounts, it is not mandatory by the law to remove it from credit report after 7 years. According to Fair Credit Reporting Act (FCRA), the tax lien may be removed from credit report, 7 years after the date of payment of outstanding tax amount.

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Length of Credit History – Does it matter?

A credit history is an assimilation of number of accounts in your credit reports, payment history, your amount of debts, and the score that is obtained after analyzing all these details. This information is used by lenders while giving loans or selling expensive products. Lenders will be basically interested in the “length of credit history” when they evaluate the paying capacity of borrowers. By length of the credit history, it means how long you have had taken credits and where does your credit score stands currently.

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Life after Bankruptcy – 10 Strategies to Rebuild Your Credit Score

Bankruptcy inflicts financial misery on more than a million Americans every year. This is most damaging thing that can happen related to credit reports. A bankruptcy may be listed on your credit report for up to 10 years and there is a good chance your credit score will be rather low until you take the necessary steps to rebuild your credit. Rebuilding your credit score after bankruptcies is the real way to get back on a better financial path.

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How to Remove a Late Payment from Your Credit Report

With many families struggling with rising living costs, the problem of late credit payments continue to grow. So what happens if you just don’t have enough to cover the minimum payment this month? Well well well let me inform you that, late payments on loans and credit cards can have devastating consequences on your short-term financial future. It will hurt your overall credit health and make you a riskier applicant in the eyes of lenders and renters.

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Vehicle Repossession – Everything you need to know.

A personal vehicle is a necessity for everybody and is one of among top big expenditures. Chances are, it is bought on finance. This also brings the dangers of repossession by the finance company or the creditor. After leasing or availing finance for a vehicle, the creditor has certain rights till the debt is repaid. These rights also include repossession of vehicle in case of default.

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What is a FICO Score?

It was invented by Fair Isaac. FICO represents the Fair Isaac Corporation, and the word, “score”, represents the assessment. It computes the scores to assess a person’s monetary status, transactions and the financial move. Actually, it’s your credit score that makes you eligible or not-eligible for a credit loan. The score determines your repaying ability to a loan. It is based on five factors, that are your paying ability, the amount you have to repay, the credits you had, the new credit you have, and the types of credits you are using. If you score high, you could get your loan approved at lower interest rate.

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Understanding Your Credit Report

Ever wondered why you were denied that car loan you applied for last month or the house loan that was not approved? The reason could be a ‘bad credit score’. It is not difficult to lose your credit points and a small delay in bill payment or untimely settlement of debts can have grave effects on your overall credit score. Even if you had a good credit score a few months ago, the figures will plummet before you know it. It is, therefore, highly crucial to understand the key aspects of your credit report.

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Co-Signing a Loan – Should you do it if someone asks?

Co-signing a loan may be a requirement by the lender when giving loan. This is the act agreeing to pay the debt if the borrower fails. Individuals with good credit score are often asked by their friend or a family member to co-sign. Although, you are willing to help; you must also be aware of its multifarious aspects. This article will focus on both the faces of co- signing the loan and help you make an informed decision.

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3431 Cherry Ave. Long Beach, CA 90807

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3431 Cherry Ave.
Long Beach, CA 90807
Email Us (562) 247-9972