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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.
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.
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:
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.
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.
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.
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.
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.
Phone: (763) 441-2300http://maps.google.com/?q=17219%20Highway%2010%20NW%2C%20Elk%20River%2C%20MN%2055330