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How to Get a Better Credit Score

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Are you struggling to secure a credit card or a loan? Are you wondering about how to boost your credit score? You’re in the right place. At Bowman Chevrolet, we’re going to cover ways to raise your credit score. If Clarkston drivers have any questions about our tips to increase credit score, don’t hesitate to reach out to our finance team for help. Have other questions related to finance? Be sure to check out our car buying tips for more informative reads about how to buy a car in another state and more!

Check Your Credit Reports

First things first, when Waterford drivers consider how to boost their credit score,

our first tips to increase credit score are that you should go to a credit bureau like Experian or TransUnion and take a look at your credit report. This can help you to make sure that you aren’t the victim of identity theft or that there aren’t any mistakes unfairly impacting your credit. The Fair Credit Reporting Act entitles you one free copy a year that you can access at Getting a fresh look at your credit report also helps you to make sure that your credit score hasn’t already improved. Now for the step in how to get a better credit score.

Assess Your Debts

The next step in our tips to increase credit score is to list out all of your debts so you can get an exact figure for how much you owe. This is because there are two determining credit score factors:

  • Debt to credit ratio: You’re going to make sure that your credit charges make up less than 30% of your spending each month.
  • Number of Cards You Have: The more cards with balances, the lower your score.

Create a Payment Plan

The most obvious among the ways to raise your credit score is for Grand Blanc drivers to pay off their debts. But now that you’ve assessed your debts, you can develop a highly targeted monthly repayment plan that you can afford to follow through on.

Open a Credit Card

Do you not have a credit card? Have you never taken out a loan? Grand Blanc drivers may be struggling with a low score because they haven’t built up enough credit. When it comes to determining how to get a better credit score, consider how much credit history you have, if any. If you think you need to open a card, make sure to keep your credit card under 30% of the balance each month. A simple way to boost your credit score is set the card to auto every month so that you can be sure you don’t go over 30%.

Build a Credit Age

It takes time to build credit history, and an old, consistently reliable credit history has a huge impact on your score. If you’re new to building credit, a good way to get started is to become a joint member on one of your family member’s accounts. Their credit history can have a positive impact for you when it comes to how to get a better credit score.

Need Help? Reach Out to Bowman Chevrolet!

If Lake Orion drivers can afford to do so, one of the fastest ways to raise credit score is to take a loan that you can afford to pay off quickly—something along the lines of a used car loan. If you can borrow a larger amount of money you can afford to pay off in a year, it can work wonders for your score. If this sounds interesting, don’t hesitate to give our finance department a call at (248) 795-1841. Don’t forget to check out our inventory of new vehicles priced under 10k and our guide on how to trade in your car!

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