If you have a credit score below 500, you may find it difficult to get even a sub prime loan. One of the best ways to remedy this problem is to apply for a secured credit card. This type of credit card is secured by a certain amount of money in which you have deposited in the bank of the card you choose to cover the card limit. For example, if you need a $500 credit limit, you will need to deposit the amount into the bank that is servicing your card. Once you prove that you can handle paying the monthly bills, your credit score will go up.
This is one way you can get your credit into better shape. Don’t fear if you have to file bankruptcy. It seems scary, but you will come out better in the end. You will be able to obtain a car loan post-bankruptcy. Just plan and research the offers available to you.
