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Mans Hand Reviewing a Credit Application

Stressed about your credit score hindering your ability to secure a credit card or car financing? The friendly finance experts at Cornerstone Chrysler Dodge Jeep Ram can help you learn how to get a better credit score. Learn more with this simple guide on tips to improve your credit score.



Check Your Credit Reports

Believe it or not, human error often causes errors that lower your credit score. Wondering how to boost your credit score? Or ways to raise your credit score? First obtain a credit report from one or all of the three major credit bureaus: Experian, Equifax, and TransUnion. The Fair Credit Reporting Act entitles you one free copy a year that you can access at AnnualCreditReport.com. Make sure all of these reports are as factual as possible before taking more extensive action.

Assess Your Debts

Once you know what’s in your report, and that it’s accurate, make a list of all your debts and get a handle on what exactly you owe. Your two determining credit score factors are:

  • Your debt to credit ratio: How much available credit you have vs. how much you have actually charged. Ideally, you want to keep your credit card charges under 30% of the available balance every month.
  • Number of cards with balances: The more cards with balances, the lower your score.

Create a Payment Plan

Work on paying off your debts with a repayment plan that removes debts in collections, eliminates small balances on cards, and pays down larger debts.

Open a Credit Card

You simply might have never had a loan or credit card before, which means your score is lower than it could be. Opening a card in Anoka can help establish credit, as long as you keep under the 30% balance and pay your bill on time every month. Pick one recurring monthly charge and pay it with your credit card, making sure you set the money aside to zero the balance when the bill arrives.

If you don’t qualify for a regular credit card, consider a secured credit card with a small limit and an initial deposit of up to a couple hundred dollars to open.

Build a Credit Age

If you are starting to build credit today, one way to improve or add to your history is to become a user on a family member’s account. As long as they have paid their bills on time it will begin to reflect well on you. Just make sure both parties have a clear agreement on who actually gets to use this line of credit and how payments will be handled.

Minimize New Credit Applications

Be judicious in applying for new cards or loans, despite the advantage having open lines of credit can provide. When lenders do a hard inquiry of your credit, it can end up impacting your score for up to a year.

Find Out More Ways to Raise Credit Score at Cornerstone Chrysler Dodge Jeep Ram

Looking for additional advice or help getting a better credit score? For more tips to increase credit score, or to apply for financing, contact us to speak with the finance center at Cornerstone Chrysler Dodge Jeep Ram. Our finance experts can walk you through the process and answer any additional questions in Elk River, like what liability insurance covers, and more.

Chrysler Dodge Jeep RAM
Cornerstone Chrysler Dodge Jeep Ram

Cornerstone Chrysler Dodge Jeep Ram

17219 Highway 10 NW Elk River, MN

Phone: (763) 441-2300

http://maps.google.com/?q=17219%20Highway%2010%20NW%2C%20Elk%20River%2C%20MN%2055330

Parts

Phone: (763) 219-4406

17219 Highway 10 NW Elk River, MN

Mobile Parts

Phone: (763) 634-8983

17219 Highway 10 NW Elk River, MN

Service

Phone: (763) 250-1989

17219 Highway 10 NW Elk River, MN

Mobile Service

Phone: (763) 244-3829

17219 Highway 10 NW Elk River, MN
45.2834823 -93.5486677
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Cornerstone Chrysler Dodge Jeep Ram
Cornerstone Chrysler Dodge Jeep Ram
17219 Highway 10 NW
Elk River, MN, 55330 United States
(763) 441-2300
https://di-uploads-development.dealerinspire.com/cornerstonechryslerdodgejeepram/uploads/2017/12/CornerstoneCDJROGImage.png
Cornerstone Chrysler Dodge Jeep Ram 45.2834823, -93.5486677.