Four Seasons Ford Blog

‘Tis the season of buying! Whether it’s presents for your loved ones or food for holiday feasts, one thing is for sure: it’s easy to get caught up in spending money left and right!

But should you get carried away? Building or recovering your credit doesn’t happen overnight and you’ll get a good night’s sleep if you have a plan in place to end the year and kick off 2016. If you are battling credit troubles or climbing the uphill battle of debt, you may want to consider the following advice. Especially if you’re considering a new Ford vehicle next year!

Before reading further, we often find that customers underestimate their credit score when purchasing a New Ford or pre-owned vehicle. Customers are welcome at any time to fill out our online finance application to gauge what they can afford and speak with our Finance Manager about next steps. Our Four Seasons Ford team promises to do everything possible to help you drive off our lot in your next vehicle, no matter your credit situation.

Building Credit from Scratch

Nerdwallet.com lists simple and effective tips for building credit from the ground up. These five easy steps include:

Step 1: Understand the factors that influence your FICO score

Step 2: Learn the guidelines for building credit

Step 3: Know how to check your credit reports and scores

Step 4: Get a credit card for no or low credit

Step 5: Be patient

Visit Nerdwallet.com for more details! 

Recovering from the Wheel of Bankruptcy

According to CreditKarma.com, “Every year more than 1.5 million Americans file for bankruptcy for a variety of reasons.” It’s a common occurrence that our society tries to sweep under the rug, but have no fear! You can start putting the past behind you and take advantage of your fresh start. Though bankruptcy remains on your credit report for 7-10 years, there are a few things you can do to start rebuilding your score.

-        Clear Errors: Immediately clear your credit reports of any errors. Check that your credit reports from TransUnion, Equifax, and Experian have accurately recorded your pre-bankruptcy debts as "Included in BK.”

-        Budget: Build a monthly budget, keep a regular eye on your finances, and use your credit conservatively. This includes maintaining consistent employment, being conservative with your spending, and paying all of your bills on time.

-        Credit Card: Once you are comfortable with your budget, apply for a secured credit card.

-        Apply for a Loan: As early as 1-2 years after bankruptcy you may be able to receive a home loan. Research your rights and loan options to make sure you get fair treatment when applying.

CreditKarma.com features additional information for recovering from bankruptcy and their credit reports are free! 

Eliminating Debt with a Plan

Student loans got you down? Unexpected medical bills piling up? There are numerous reasons for accumulating debt, but if you don’t pay on schedule it can turn around and bite you. Start the New Year with a plan to eliminate your debt and take back control of your finances. Here is a 10-step program from Forbes.com:

1. Commit to getting out of debt.
2. In a spreadsheet, list all your debts, balances, interest rates and minimum payments — and find out the total of what you owe.
3. Try to make 0% balance transfers, get your APR lowered or refinance.
4. Start tracking your spending.
5. Do a first-pass at your budget.
6. Work your debt and discretionary expenses into your budget.
7. Start your debt-repayment plan.
8. Stick to your weekly allowance.
9. Adapt to your new lifestyle.
10. Earn more money, and put gifts and windfalls toward your debt.