With West Herr you can expect incredible results, even when others have failed you. Great rates no matter what your credit rating When you've worked hard on your credit rating or have reciently 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 25,000 Customers Purchased from West Herr last Year: Over 16,000 new cars and almost 9,000 pre-owned 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 even 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.

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.

 

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.

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.
https://www.econsumer.equifax.com/consumer/forward.ehtml?forward=home
P.O. Box 740241
Atlanta, GA 30374

TransUnion LLC
http://www.transunion.com/Personal/OrderOtherMethods.jsp
Consumer Disclosure Center
P.O. Box 1000
Chester, PA 19022

Experian
http://www.experian.com/consumer/index.html
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

Credit and Divorce

Source: FTC

Mary and Bill recently divorced. Their divorce decree stated that Bill would pay the balances on their three joint credit card accounts. Months later, after Bill neglected to pay off these accounts, all three creditors contacted Mary for payment. She referred them to the divorce decree, insisting that she was not responsible for the accounts. The creditors correctly stated that they were not parties to the decree and that Mary was still legally responsible for paying off the couple's joint accounts. Mary later found out that the late payments appeared on her credit report.

If you've recently been through a divorce - or are contemplating one - you may want to look closely at issues involving credit. Understanding the different kinds of credit accounts opened during a marriage may help illuminate the potential benefits - and pitfalls - of each.

There are two types of credit accounts: individual and joint. You can permit authorized persons to use the account with either. When you apply for credit - whether a charge card or a mortgage loan - you'll be asked to select one type.

Individual or Joint Account

Individual Account: Your income, assets, and credit history are considered by the creditor. Whether you are married or single, you alone are responsible for paying off the debt. The account will appear on your credit report, and may appear on the credit report of any "authorized" user. However, if you live in a community property state (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, or Wisconsin), you and your spouse may be responsible for debts incurred during the marriage, and the individual debts of one spouse may appear on the credit report of the other.

Advantages/Disadvantages: If you're not employed outside the home, work part-time, or have a low-paying job, it may be difficult to demonstrate a strong financial picture without your spouse's income. But if you open an account in your name and are responsible, no one can negatively affect your credit record.

Joint Account: Your income, financial assets, and credit history - and your spouse's - are considerations for a joint account. No matter who handles the household bills, you and your spouse are responsible for seeing that debts are paid. A creditor who reports the credit history of a joint account to credit bureaus must report it in both names (if the account was opened after June 1, 1977).

Advantages/Disadvantages: An application combining the financial resources of two people may present a stronger case to a creditor who is granting a loan or credit card. But because two people applied together for the credit, each is responsible for the debt. This is true even if a divorce decree assigns separate debt obligations to each spouse. Former spouses who run up bills and don't pay them can hurt their ex-partner's credit histories on jointly-held accounts.

Account "Users"

If you open an individual account, you may authorize another person to use it. If you name your spouse as the authorized user, a creditor who reports the credit history to a credit bureau must report it in your spouse's name as well as in your's (if the account was opened after June 1, 1977). A creditor also may report the credit history in the name of any other authorized user.

Advantages/Disadvantages: User accounts often are opened for convenience. They benefit people who might not qualify for credit on their own, such as students or homemakers. While these people may use the account, you - not they - are contractually liable for paying the debt.

If You Divorce

If you're considering divorce or separation, pay special attention to the status of your credit accounts. If you maintain joint accounts during this time, it's important to make regular payments so your credit record won't suffer. As long as there's an outstanding balance on a joint account, you and your spouse are responsible for it.

If you divorce, you may want to close joint accounts or accounts in which your former spouse was an authorized user. Or ask the creditor to convert these accounts to individual accounts.

By law, a creditor cannot close a joint account because of a change in marital status, but can do so at the request of either spouse. A creditor, however, does not have to change joint accounts to individual accounts. The creditor can require you to reapply for credit on an individual basis and then, based on your new application, extend or deny you credit. In the case of a mortgage or home equity loan, a lender is likely to require refinancing to remove a spouse from the obligation.

For More Information

The FTC works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop, and avoid them. To file a complaint or to get free information on consumer issues, visit www.ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters Internet, telemarketing, identity theft, and other fraud-related complaints into Consumer Sentinel, a secure online database available to hundreds of civil and criminal law enforcement agencies in the U.S. and abroad.

How long does my bankruptcy remain on my credit report?

Your credit report can show your bankruptcy filing for up to 10 years, but many credit reporting agencies will remove it after seven. This could make it harder to rent an apartment or to obtain a credit card at a favorable rate of interest. It might make it very difficult to obtain a home mortgage loan or insurance.

I've heard that bankruptcy "wipes the slate clean"

"Wiping the slate clean" through bankruptcy also puts all future lenders on notice that you have had difficulty repaying your debts; creditors are more likely to either refuse to extend credit, or to make you pay (through higher interest rates, for example) for the additional risk they are taking in extending you credit. However, even with a bankruptcy on your credit report, many lenders will do business with you and extend you new credit. This is because the discharge obtained in bankruptcy leaves all future earnings free from the claims of past creditors. Loans that have collateral can be the best choice to reestablish your credit as it lowers the risk for the lender. Auto loans, and homes are typical examples because the lender can place a lien on the title until the loan is paid. Another example is leasing, because in this case the lender keeps the title in their name until the lease is bought out. Once a bankruptcy is discharged, you will start to receive solicitation from companies that claim that they can get you loans. Be careful here, because most will charge you very high interest rates. Some credit card companies will give you small lines of credit and even low rates but will then charge you filing fees, annual fees and other fees that will result in an overall cost that is just unacceptable.