Ways to Improve Your Credit Score

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Are you trying to get approved for a car loan, but your credit score is not quite where you want it to be? When you need assistance regarding how to get a better credit score, be sure to talk to the finance experts at Suntrup Hyundai South. We can offer you a variety of financing options, like guaranteed car financing which allows you to gain financing based on your income rather than credit history. We would be happy to share ways to raise your credit score in no time. Your dream car may soon be within reach!

Be Familiar with Your Credit Reports

If you see that you have a lower credit score than you thought you had, you could be the victim of identity theft, or there is a mistake on your report that is negatively impacting your credit score. So when you ask how to boost my credit score or ways to raise my credit score, make sure your reports are as factual. You can find accurate information from all three major credit bureaus:

  • Experian
  • Equifax
  • TransUnion

You can obtain one free copy of your credit report each year, thanks to the Fair Credit Reporting Act. Get it at AnnualCreditReport.com.

Be Aware of Your Debts

You also want to be aware of any debt you have because that can also play a role in your credit score. Two determining credit score factors are:

  • Your debt to credit ratio: This is how much available credit you have compared to what you have charged. It is best not to go over 30% of the available balance each month.
  • The number of cards with balances: If you have numerous credit cards with balances, it can decrease your credit score.

Create a Payment Plan and Stick to it

Start to tackle your debt by setting up a repayment plan. Take care of debts in collections, eliminating small balances on cards, and start paying down larger debts. This can help keep you organized and on the right track.

Apply for a Credit Card

It may be the case that you simply have not established credit yet. One way to establish credit in the Afton area is to open up a credit card. Remember, as mentioned above, you do not want to spend above 30% of your available balance. It is also important that all of your bills are paid on time. To make it even easier, choose one recurring monthly charge and have it paid with your credit card. This only works if you set the money aside so the bill can be paid as soon as you receive it.

What if you still are not able to qualify for a regular credit card. You are not out of options. If this is the case, look into a secured credit card. This type of card has a small limit and usually requires an initial deposit of up to a couple hundred dollars to open.

Build a Credit Age

Your credit score is built over time. Another way to build your credit is by becoming a user on a family member’s account. Before you do this, you want to be sure that they are consistently making their payments on time. Additionally, each party needs to agree about who actually gets to use this line of credit and who is in charge of the payments.

Minimize New Credit Applications

To minimize the impact on your credit score, you will want to fill out a few credit applications as possible. When lenders do a hard inquiry of your credit, filling out multiple applications can have an effect on your score for as long as a year.

Suntrup Hyundai South Makes Financing Hassle-Free

In addition to tips to increase credit score, the finance experts at Suntrup Hyundai South are here to walk you through the entire financing process. Find out the difference between used and certified pre-owned vehicles; both are good options for people with low credit scores as buying used will lower your monthly payments. Ready to learn more? Discover if you can pay off your loan early with our team! We want to help you find a reliable vehicle you’ll love for many years to come for a price that fits within your budget. Contact us for more information.

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