How to Improve Your Credit Score in 5 Steps

Credit History

If you’re ready to purchase a new or used vehicle, you may find your lack of credit or a bad credit score is getting in the way. If you wondering how to improve your credit score, explore these five tips to increase your credit score brought to you by the finance team at Pride Chevrolet, Inc. near Revere!

5 Ways to Improve Your Credit Score

  1. Check Your Credit Reports– Start by checking your credit reports for issues. While larger problems like identity theft can happen, smaller mistakes can also impact your credit score. In order to make sure you have the complete picture, we recommend getting a report from each of the three major credit bureaus: Experian, Equifax, and TransUnion. Thanks to the Fair Credit Reporting Act, you’re able to get one free copy a year from AnnualCreditReport.com. 
  2. Consider Your Debts- There are two aspects of debt that can impact your credit score: the number of loans and credit cards you have with balances and your debt to credit ratio (the available credit you have vs. how much has actually been charged.) Ideally, your debt to credit ratio should be under 30%, and the fewer cards you have with balances, the better. 
  3. Develop a Payment Plan- Once you have a clear view of where your credit is at, you can create a plan to take care of your debts. Start by wiping out anything in collections, taking care of small balances, and then plan out payments to take care of any large debts. 
  4. Open a Credit Card- If you’re lacking credit due to never having a credit card or loan, it might behoove you to open a credit card. If you do decide to make this move, you’ll need to be careful to keep your debt-to-credit ratio under 30%, and you’ll want to make sure that you pay off your balance every month. We recommend picking one small recurring bill to charge and pay off monthly. 
  5. Building Your Credit History- As part of building your credit score, you’ll need to build a history of on-time payments. If you’re just starting out, one of the ways to raise your credit score is to become an added user on a family member’s account, as that history will also reflect on you. 

Discover How to Get a Better Credit Score at Pride Chevrolet, Inc.

Need help boosting your credit score or securing a car loan in the meantime? Reach out to the finance team at Pride Chevrolet, Inc. today! We’ll be happy to help answer your financing questions and guide you through the auto loan process in the Saugus and Chelsea area. 

 

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