Great rates no matter what your credit rating
When you've worked hard on your credit rating or have recently recovered from a credit issue, you should
expect the best. With West Herr you will be treated to the largest selection of banks with rates lower than you expect.
Over 26,000
Customers Purchased from West Herr last Year:
Over 17,000 new cars and almost 10,000 used cars sold to customers like you right here in Western New York. So if
you have credit issues
we take your situation very seriously. Because we were ranked
as one of the country's largest dealers, West Herr has amazing connections
with all the major finance institutions. Our
relationship with the banks is the best in the industry. THIS IS THE
MOST IMPORTANT REASON TO APPLY WITH US. Because OUR LENDERS TRUST US.
So when we believe in you, they will to.
We fight hard for you:
Banks today can be almost rude to customers with credit
problems, and then if they approve you, the rate and term may not
be what you can afford. That's why our company takes the time
to learn all about you so we can fight on your behalf.
We don't
just fax your credit application to every bank and lending institution
in the area like
some dealers. We found out through experience that making the correct
choice before applying then leveraging the size and volume of our
dealer group behind the customer, is the most successfully way. By
reviewing your situation with you, we can insure that you get an excellent rate and furthermore insure that you get
the vehicle you want.
While not
every customer gets approved we have one of the highest rates of
approval in New York State. That is because we don't give up easily.
Building Positive Credit
What if you have no credit?
You apply for a credit card because you need credit. Unfortunately, the credit card issuer rejects your application. The reason: you don't have a sufficient credit history.
You ask yourself, "How do I build a credit history when I can't get credit?"
Maybe you are debt–free and have always used cash to make every purchase. You would think that being debt free is a positive trait in the eyes of the lender, right?
Think again. To most credit extenders, having little or no credit history is almost as bad as having bad credit.
So, why do you need a credit history, when you want to get credit?
It's really quite simple. A credit history gives the lender information as to how you handle your financial obligations. Lenders need to know that you have good credit habits. That's definitely not something you develop overnight. You need to have at least one year of credit history to be seriously considered by most creditors. Some creditors have even stiffer requirements.
What can you do?
Get a Secured Credit Card.
Ask your bank if they offer secured cards. Your past credit history is less important when you apply for a secured card because you are opening a savings account to secure the credit line. If you deposit $500 into a savings account, you will be allowed to charge up to $500 on the secured credit card. Some credit issuers are even more liberal. They will grant you 250% of the amount you deposit (e.g., a $250 credit line with a $100 deposit).
Purchase a Certificate of Deposit at your Bank. Take out a loan against it.
Another way to build up your credit when you have none is to do a deal with your bank.
Purchase a Certificate of Deposit.
Then ask your banker to lend you an amount equal to, or less than, the amount of your CD. Pay back the loan over a few months. Ask your bank to report the transaction. You will have to pay a few dollars more in interest than you will receive from the CD. However, the benefits to your credit report far outweigh the minor cost of the transaction.
Get a Retail Store Card.
Many retailers and vendors offer credit to consumers with little or no credit history. You can get a card from a department store or gas company fairly easily. Many retailers will even entice you by giving a 10% discount for your first day's purchases on your new card. However, make no mistake, you will pay a high price for this type of credit. These cards often carry very high interest rates. Beyond the cost, you must also understand that they are not more liberal with their payment requirements than unsecured credit cards. In order to keep the card and not damage your newfound credit, you must always pay on time. Therefore, always read the fine print to determine what grace periods, if any, exist and the payment due dates. If you pay the balance off promptly, you will also save money on interest charges.
Borrow good credit.
If you know a friend or family member with solid credit, you can borrow their good credit profile. This person must have credit cards and trust you to be a "co–signer" or an "authorized user". Have this person call his or her credit card company and request that you be placed on his/her account as an authorized user. A copy of the card will then be sent to you. In order to benefit from the "borrowed credit profile," it is not necessary to actually use the credit card. Soon, your credit report should show an open account with all the positive credit history created by that account.
Maintain Active Accounts.
It is not enough to simply open an account and let it sit. In order to build a positive credit history, you need to show reasonable activity and a responsible payment pattern. Lenders need to see that you always pay on time when you use your account. And, you need at least one year (sometimes more) of good credit history to be taken seriously by lenders.
Do you have an installment loan?
If you are making payments on a car loan, you may already have a good credit rating. Paying off an installment loan on time represents one of the best things you can do to build or enhance your credit because it demonstrates good payment habits. Installment loans for a car, computer, or appliance are often easier to obtain than unsecured credit cards, and can give a boost to your credit file. Check your credit reports to confirm that lenders are reporting every installment loan you are paying down. If you discover that any are missing, ask your lender to report them to the credit bureaus. Since you're paying them off, at least get the credit you deserve.
What NOT to do
Do NOT apply for more than one credit card at one time.
Multiple inquiries are bad for your credit and can cause you to be turned down. Too many inquiries make you appear financially desperate. Lenders will also be alarmed by the numerous inquiries. They will question both why you need so much credit and whether you have already been approved for additional credit. Either way, your debt-to-income ratio will be perceived as high and you will look like a bad credit risk. Inquiries stay on your credit report for 2 years.
Do NOT miss payments or pay late.
Not only is this not conducive to the image of the good customer that you want to show to your creditors, late and delinquent payments are going to damage your credit rating. Not paying or paying late makes you look like you can not handle your credit. Look carefully at the terms of your credit, pay attention to grace periods or the lack thereof.
Do NOT pay the bare minimum.
When you get your billing statement, every lender indicates the minimum payment due. That figure represents a small percentage of your actual balance. While paying the minimum on time may help your credit rating, it can hurt you by allowing the remaining debt to rack up interest charges. Even if you do not make new purchases, that interest can mount up quickly. Do not be misled by the minimum payment requirement. Better yet, disregard it altogether. Properly budget your finances and pay off your debts in a measured, timely fashion.
You Have Rights
Building good credit is like building a good reputation––neither happens overnight. Having good credit is a result of both being a careful consumer and developing good habits. Good credit is not easy to attain. It is a valuable asset that will yield benefits for a lifetime.
As a consumer, you have privacy rights that specify what personal and financial information may be collected, how it can be gathered and who gets access to your data. These rules apply even credit bureaus.
The Fair Credit Reporting Act was created more than 20 years ago to promote accuracy of consumer information and the privacy of the personal data collected by consumer reporting agencies, including credit bureaus. To accomplish this goal, the FCRA has a framework of practices related to personal information, including the accessibility of the data, limits on its use and distribution, and requirements for consent from the consumer regarding use of his or her collected data.
So what exactly does that mean to you? Basically, you need to take charge of your personal data and make sure that it's used -- or not used -- as you deem appropriate. One way is to demand that credit bureaus not place your personal information on a marketing list.
This form letter is a handy and easy way to let three credit reporting agencies -- Equifax, Experian and TransUnion -- know that you object to your personal information being disclosed to marketers.
Send a separate copy to each of the credit bureaus. Personalize it by entering your specifics in the areas in BOLD. You can print out this Web page and make your changes by hand or copy the body of the letter and paste it into a document where you can make your changes on your PC.
EXAMPLE LETTER:
Date
Equifax Credit Information Services Inc.
P.O. Box 740241
Atlanta, GA 30374
TransUnion LLC
Consumer Disclosure Center
P.O. Box 1000
Chester, PA 19022
Experian
475 Anton Boulevard
Costa Mesa, CA 92626
Dear Sir or Madam:
In accordance with the Fair Credit Reporting Act, this letter is my formal request that credit bureau name remove my name from its marketing lists. I have listed below all the appropriate information to help you expedite this removal.
In this paragraph, list your full name: first, middle and last. Along with your current mailing address also provide previous mailing addresses you've had in the last six months. Don't forget to include your date of birth and Social Security number.
If you wish to explain why you want your name to be removed from the bureau's marketing list, do so here.
Thank you for your prompt attention to my request to be removed from your marketing list. Please send me written confirmation when you comply with this request.
Sincerely,
Your Signature
Your printed name
Your mailing address
City, State and ZIP Code
Source: FTC
The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies — Equifax, Experian, and TransUnion — to provide you with a free copy of your credit report, at your request, once every 12 months. The Federal Trade Commission (FTC), the nation's consumer protection agency, has prepared a brochure, Your Access to Free Credit Reports, explaining your rights under the FCRA and how to order a free annual credit report.
A credit report includes information on where you live, how you pay your bills, and whether you've been sued, arrested, or filed for bankruptcy. Nationwide consumer reporting companies sell the information in your report to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home.
How do I order my free report?
You can order your free annual credit report online at annualcreditreport.com, by calling 1-877-322-8228, or by completing the Annual Credit Report Request Form and mailing it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.
When you order, you need to provide your name, address, Social Security number, and date of birth. To verify your identity, you may need to provide some information that only you would know, like the amount of your monthly mortgage payment.
A Warning About "Imposter" Sites
The FTC advises consumers who order their free annual credit reports online to be sure to correctly spell annualcreditreport.com, or link to it from the FTC's website to avoid being misdirected to other websites that offer supposedly free reports,but only with the purchase of other products. While consumers may be offered additional products or services while on the authorized website, they are not required to make a purchase to receive their free annual credit reports.
For more information on free annual credit reports, read Your Access to Free Credit Reports.
Disputing and correcting a mistake on a credit report
Statistics show that 70 percent of credit reports contain serious errors that might cause consumers to be denied credit cards, car loans and even mortgages. The good news is that the Fair Credit Reporting Act requires credit-reporting agencies to fix these mistakes. But it takes your diligence to make sure it happens.
The first step is locating any discrepancies in your report. Even the smallest error could seriously dent your credit chances. If you find a mistake, immediately bring it to the credit agency's attention. Remember, there are three credit reporting services -- TransUnion, Experian and Equifax -- so you need to check, and correct, the record held by each.
The links in the letter below will take you to each credit agency's Web page, where you can find details on how to obtain a copy of your credit report. The letter also details what information is needed to successfully correct your mistaken report. Send a separate letter to each agency where a mistake is found. Be sure to explain the situation in detail and include a copy of the credit report with the faulty information highlighted.
Personalize the letter below by entering your specifics in the areas in BOLD. You can print out this Web page and make your changes by hand or copy the body of the letter and paste it into a document where you can make your changes on your PC.
Date
Equifax Credit Information Services Inc.
http://www.equifax.com/answers/correct-credit-report-errors/en_cp
P.O. Box 740241
Atlanta, GA 30374
TransUnion LLC
http://www.transunion.com/corporate/personal/creditDisputes.page
Consumer Disclosure Center
P.O. Box 1000
Chester, PA 19022
Experian
http://www.experian.com/disputes2/
National Consumer Assistance Center
P.O. Box 2002
Allen, TX 75013
Re: Credit report error
Dear Sir or Madam:
I have discovered inaccurate information on my credit report maintained by credit agency name. The report is in my name -- enter your full name here -- and my Social Security number is enter your Social Security number here.
Enclosed, please find a copy of my credit report containing the mistaken data. I have highlighted the errors. Specifically, the following information is in wrong:
The Fair Credit Reporting Act following defines the following as billing errors that must be corrected. Pick those that apply to your situation and detail for the credit bureau what you believe is the mistake. Be sure to list the creditor's name and account number for which the incorrect data appears:
A purchase made by someone other than the account's authorized user or something that you did not buy.
A disagreement between the purchase price and the price shown on the bill.
A charge for a product or service that was not delivered according to agreement.
Mathematical errors.
Questionable items or any entries for which you need more information.
Please investigate this matter with the creditor in question and you should find there is an error. When that is confirmed, please remove this error from my credit report.
In addition, please make this letter a permanent part of my credit record.
If you have any questions about my request or the credit information in question, please do not hesitate to call me at work or home phone number, depending upon when you would prefer to discuss the matter.
Thank you for your prompt attention to my request.
Your Signature
Your Typed Name
Your Address
City, State and ZIP Code
Enclosure: credit report
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