Make Sure Your Lender Reports Your Credit

When looking for a loan with less than stellar credit, do not forget to ask whether the lenders that are competing for your business actually report your credit.  This is critical and without this happening, you will be digging yourself a whole.   There will be no way for you to improve your existing score and ultimately make yourself available to better lenders further down the road.  Many industry insiders say that lenders that don't report credit do so because they want to keep their good paying customers captive for as long as possible and not give them the chance to 'grow' into the next tier of the credit scale.

It says a lot when your bank is willing to report your good payment record.  In this circumstance, they will be your stepping stone to better offers and lower interest rates in the not too distant future.  Two years of good payment record goes a very long way on a credit file.  Especially when it relates to installment loan type balances.