To determine if you will be approved for a semi-truck purchase, the most critical factor a bank will consider is your credit score and accounts history, says Credit Lifter founder Alexander, who specializes in helping truckers fix their credit histories to obtain new and used commercial equipment.
Often times truckers don’t understand what Volvo Financial, Chrysler Capital, BMO Harris, Suntrust, Huntington, Ally, PNC and other banks are looking for on their equipment applications. These banks specialize in commercial loans and have a very specific criteria that must be met to be approved. It is our job to get you to fit the lender mold by fixing and building your credit profile. Its important to work with an advisor who understands the commercial vehicle market and at the same time can help improve your credit. This way we achieve maximum control, and you have a better chance of getting into the truck you want, at the right monthly price and down payment.
However if your credit is under 680, you’re going to get unfavorable credit terms for just about anything you apply for, especially large commercial vehicle purchases.
There are three common problems that impact a credit score.
- Negative accounts like late payments, collections, or charged-off debt (even if it’s paid already).
- High utilization, which is debt outstanding divided by credit available (not enough credit available, causes high utilization)
- Too many hard inquiries (which hurt your chances of opening new accounts)
If you have negative accounts or inquiries, we ask credit bureaus to verify all data on your credit report and remove any errors. To lower utilization, we add additional trade lines on your credit to expand credit capacity. By expanding credit capacity, your debt to available credit ratio falls, and your score rises.
We have the necessary tools to fix many issues you may have and increase your credit scores significantly within the first 4 to 6 months in the program. 95% of our clients will have a 50-100 point score increase after joining the program.
The credit scoring system is not always fair. Unfortunately, one mistake like a late payment or collection can sit on your credit history for 7 years, even if it was immediately corrected. If you make a mistake today, financial institutions will collect a higher interest for 7 years on all the credit products you currently have and will apply for. One negative account can destroy your chance of living the American dream. I’m sorry, but it just doesn’t seem right, says Alexander. The FICO algorithm doesn’t give you much room for error, especially if you don’t understand how to manage your credit. I’m glad our team was able to figure it out, and now we get to help a lot of people live out their dreams.
How negative accounts impact your credit score.
(Minimum and Maximum points deducted)
Alexander is a financial expert with 18 years of financial experience who saw a significant problem in the marketplace. He is now making a name for himself and shaking up the credit repair/loans industry with new and innovative ways to speed up the process of fighting creditors on behalf of his clients. What usually takes a year, or a year and a half, we can do in half the time because we use new tools and simplify the process for our clients. We also help them settle existing debts when necessary and advise them on loans.
What you need to know about consumer credit laws
Many consumers don’t know, but financial laws protect them from unfair and unjust reporting by credit bureaus and data furnishers. Credit Lifter is a company that helps ordinary people exercise their rights. We are financial advisors; our job is to provide you the tools and information to fight back. The Fair Credit Reporting Act and Fair Debt Collection Practices Act are laws meant to help consumers fight collection companies that use unfair and unjust tactics to collect debt. Not only are these companies tricky, but they often break a number of laws during their collection process. They violate these laws again and again, despite government intervention. Midland funding, which is the largest collection company in the United States, was sued in 2016, 2018 & 2020 by the US government for violating laws. Did they learn their lesson and change their ways? No, they did not.
One in every 3 US adults has a collection on their credit report. These collectors are getting out of hand, and we are fighting back and winning for our clients.
I chose to focus on truckers because they don’t have the time, the background, or the resources to battle the financial giants, and we can really help them. Truckers need more trucks to grow their business, and it’s our job to help them fix those issues and show them an easier way to access cheap capital. Often we can turn their credit histories around in 6 months or less and get them into a Freightliners or Volvo, which they love. We save them thousands and thousands of dollars, and in return, they recommend us to friends. It’s in our interest to help them succeed, and because of that, we’re growing together. To book a consultation with a Credit Lifter analyst, visit www.creditlifter.com or call 1888-696-5108.