Everyone has a love and hate relationship with credit cards. How you use your credit cards can determine whether or not you have a good or poor credit score. At Yorba Linda Car Title Loans, we understand when our customers come in with bad credit scores. When banks and other financial institutions turn you down, we’ll give you the help you need! Yorba Linda Car Title Loans will help you attain the loan you need right now.
As you’re working on repairing your credit score, here are also some credit card tips that can help you along the way.
1. Stay Under 30% of Your Total Credit Limit
Whenever you use your credit card on large expenses, you are
changing your credit utilization ratio. Credit utilization is a number measuring how much you have been using your credit in proportion to your overall available credit. This ratio is divvied out by taking all your total balances then dividing it by your total amount of credit limits. Then, you multiply that number by 100. This will give you a certain percentage and most financial experts recommend keeping this ratio percentage above 30%. If your credit score dropped, it is likely due to your utilization ratio going up. Be cautious of your credit use and keep track of your credit limits.
2. Only Open New Accounts As Needed
Don’t make the mistake of opening so many credit card accounts that you have a hard time keeping track. There’s a myth that if you have multiple credit cards you can attain a better credit score. However, only one credit card is really needed to attain a good credit score if you are using the card responsibly. Credit cards are considered a revolving line of credit, which is not the only factor that accounts for your credit score. Your score is made up of varying credit accounts. Another factor is installment loans, which includes student loans or mortgage payments. If you use just one credit card, do it responsibly so you can manage it and keep track of your credit score.
3. Closing Your Credit Card Account Has Its Pros and Cons
If you paid off a credit card that had a very high interest rate, closing the account would sound like a good idea to resist the urge of spending. However, before you reach for the phone to talk to your lender, be aware that closing your credit account could affect your credit score depending on your account history. If you close an old credit card account, your credit score could plummet since the score is made up of varying factors such as the age of your accounts. Another factor to look out for is your credit utilization score, which could be affected if you close your credit card account.
In any case, whether your credit score is good or bad, we can help! We welcome you to apply for a loan with Yorba Linda Car Title Loans. We’ll give you a higher chance to secure a loan than if you were to apply with a bank! We can also get your loan application approved in just 15 minutes! Call us today at 855-303-CASH (2274)!
About Yorba Linda
The city of Yorba Linda is located in the Orange County region in Southern California. The name, which means “Beautiful Yorba”, was named after Bernardo
Yorba, a successful rancher in the 19th century. The city was originally part of Yorba family’s land grant from Mexican governor José Figueroa. Yorba Linda is also historically known for its agricultural roots in the early 20th century. Much of the land was used for growing barley, sheep grazing, and producing orange and citrus groves.
Yorba Linda is known to be the home of 37th President of the United States, Richard Nixon. The Richard Nixon Presidential Library and Museum is one of 13 libraries administered by the National Archives and Records Administration. The library sits on the Nixon family estate and is a National Historic Landmark. Yorba Linda is also known for its history of equestrianism. The city has over 30 horse trails stretching over 100 miles. In the media, Yorba Linda was featured on CNN’s “Best Places to Live In the U.S.” Money magazine also ranked the city on their list of “America’s Best Small Cities.” Yorba Linda is listed as one of the wealthiest cities in the U.S. as well as the Orange County region.
Are you in a situation where you need cash right away? Yorba Linda Car Title Loans can help you! Call us today at 855-303-CASH (2274) to speak to one of our loan agents. We can get your application approved in just 15 minutes! You can also visit us in person at one of our local offices, or start your online application process.