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If you are looking to buy a new or used car you might be feeling the credit crunch. It starts when lenders and dealers will not offer you financing to buy a car. Or, they have found a great loan but the terms are long and the interest rate is way too high. So, what do you do? You need a car now but you can't get financed. How can you turn your credit score around quickly.
1. Buy a credit report. See exactly why your credit score is so low. It isn't very expensive, and if you compare it to the savings it could generate in just a month or two by getting yourself a lower interest rate loan, it is well worth it. A credit report only costs $30 to $40. Make sure you buy a complete credit report with score which lists all the negative marks on your credit report so you can repair it.
2. Pay off any outstanding balances on your credit report. This is the first step to credit repair, and in some cases this can have an immediate affect on your credit. Once you pay these balances off, notify the bank and they may extend you that car loan.
3. Pay down credit card balances. The faster you pay them down the less they cost, so pay off as much as you can, and close out your accounts. Leave open the accounts that you have been paying on for a long time (over a two years), but reduce the balances to $0 if possible.
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