How to Build A Credit History

Ron Marhofer Credit Solutions: We Can Help You Understand How to Build Your Credit

One common misconception that many of our Cuyahoga Falls, OH customers have is that having no credit is better than having credit challenges. That is not necessarily the case. When a lender is examining your credit report, they can usually find out a lot about why you have had credit challenges. If you had a good history, and then ran into some bad luck, a bank or financial institution will be able to see it and they might be able to determine if the conditions now exist for you to be able to be successful in repaying your auto loan or lease agreement. If you have no credit, the lender has no previous record to look at and determine how successful you might be in repaying your obligation. Being successful in obtaining an auto loan is largely about convincing the bank that they are not taking a large risk by lending you money. Ron Marhofer Credit Solutions, located at 1601 Home Avenue in Akron, OH, has compiled a couple of ways that you might be able to build your credit and give yourself the best chance to succeed when we help you get approved for automotive financing.

Building Credit by Getting Approved for Your Loan with a Cosigner

One of the most effective ways of getting approved for an auto loan when you have no credit is to get a cosigner who has excellent credit. If you are in the Hudson, OH area and have a friend or family member who is willing to cosign on your auto loan, it will not only improve your chances of approval, but also give you a better shot at getting a more favorable rate and term. This is very important when it comes to the repayment of your loan. You will have a lower monthly payment, and pay less over the life of the loan, if a cosigner will sterling credit is on your auto loan or lease agreement. It might also reduce the amount you have to come up with in a down payment. Once you are approved for your loan, you will start building credit when you begin paying it back. This will give your credit building an instant boost. It is important to remember that if you are unable to repay your loan, your cosigner's credit will also suffer.

Getting a Secured Credit Card

Our customers in New Franklin, OH who don't have access to a cosigner or a big chunk of money to use as a down payment might want to consider opening a secured credit card to start building credit. This option is a safe and easy to help you develop your credit history. Setting up a secured credit card is done when an individual puts down a deposit that acts as a limit. You benefit because every on-time payment counts towards building your credit. The only catch is that you can never spend more than what you put down as a deposit.

Getting a Credit Building Loan

Another option for Kent, OH customers to build credit is to take out a credit building loan. With this choice, the money you want to borrow is put into an account and you make payments towards that money until you are done your term. At the end of your term, you get the money you paid into the account, minus the interest charged. This is a great option for customers looking to build up the loan portion of their credit history as every on-time payment is reported positively to the three major credit bureaus.

Contact

Ron Marhofer Credit Solutions

1601 Home Ave
Directions Akron, OH 44310

  • Sales: (330) 940-4010

Hours

  • Monday 9:00am-7:00pm
  • Tuesday 9:00am-6:00pm
  • Wednesday 9:00am-6:00pm
  • Thursday 9:00am-7:00pm
  • Friday 9:00am-6:00pm
  • Saturday 9:00am-5:00pm
  • Sunday Closed

We Can Handle All Your Financing Needs

Ron Marhofer Credit Solutions, in Akron, OH, has a team of finance professionals who have a wealth of experience working with customers from a variety of backgrounds. Contact a member of our finance team today and get started on the process of owning or leasing your next vehicle today.

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