How to Improve Your Credit Score

credit cards and cash

Is a bad credit score causing problems as you work to secure a credit card or car loan? The experts at Stingray Chevrolet in Plant City are here to help. Consider your search for advice on “how to boost my credit score” over with our helpful guide below, and contact us with any questions.

Tips to Increase Credit Score: Check Your Credit Reports

When it comes to your credit report, mistakes do happen, and they can certainly have an impact on your score. Acquire a credit report from Experian, Equifax, and TransUnion, and ensure that all three reports are 100 percent factual. Under the Fair Credit Reporting Act, you’re entitled to one free copy of your credit report per year, accessible at AnnualCreditReport.com. If you do see any mistakes on your report, be sure to dispute them.

Tips to Increase Credit Score: Assess Your Debts

Make a list of all of your debts. It won’t be fun, but it will show you exactly what you owe to who. Keep these two determining credit score factors in mind:

  • Your debt to credit ratio: This number is derived from the available credit you have vs. how much you’ve actually charged. Ideally, you should keep your credit card charges under 30 percent of your monthly available balance.
  • Number of cards with balances: Keep in mind: The more credit cards you own with an outstanding balance, the lower your credit score will be.

Tips to Increase Credit Score: Create a Payment Plan

Begin settling your debts with a realistic repayment plan that covers how you’ll take care of collection debts, how you’ll pay off small balances on cards, and how you’ll slowly pay down larger debts.

Tips to Increase Credit Score: Open a Credit Card

While you can certainly have too many credit cards, you can also have too few. If you’ve never had a credit card or taken out a loan before, this may be the cause of your low score. Apply for a card in Valrico to help you start establishing credit, remembering to keep your balance under 30 percent and pay your bill on time each month. You may find it helpful to pick one recurring monthly charge, like your cell phone bill, and pay it with your new credit card each month. Just make sure you have enough money saved to take care of the balance each time.

If you find that you’re not qualified for a regular credit card, you might consider a secured credit card. This is a card that has a small limit, usually requiring an initial deposit of about $200 to open.

Tips to Increase Credit Score: Build a Credit Age

A good credit score is built with time and patience. If you’re just getting started today, one great way to improve or add to your credit report is to get registered as a user on a family member’s account. Provided they’ve paid their bills on time, their good history will reflect well on you.

Tips to Increase Credit Score: Minimize New Credit Applications

If you do apply for a credit card in order to help your score, remember to be thoughtful about how many you apply for. Apply for too many, and lenders may turn you down.

Learn More Ways to Raise a Credit Score at Stingray Chevrolet

Need more advice on how to get a better credit score? Reach out to the finance team here at Stingray Chevrolet near Brandon. They’ll walk you through the process, answering any questions you may have along the way. We look forward to helping you get behind the wheel of the new or used Chevy that works for you!

More from Stingray Chevrolet

  • How Much Is Insurance for a Camaro?

    Thinking of upgrading your Lakeland driving experience with a new Chevrolet Camaro performance car? You may be curious, “How much is insurance for a Camaro?” On average, drivers pay $181 per month for Camaro insurance, equaling out to about $2,172 per year.* Keep in mind, however, that your premium may differ depending on your policy,…

  • What Are the 2020 Chevy Equinox Colors?

    When you’re shopping for a new SUV for Lakeland drives, you’re searching for more than something that will deliver competitive fuel-efficiency and plenty of tech, safety, and convenience features – you’re also looking for a model that will suit your personal style and maybe even help you stand out amongst the crowd in Valrico. The new…

  • 2019 Chevy Cruze Price and Trim Options

    How much is a Chevy Cruze? The entry-level L trim starts at $17,995 MSRP, while the top-tier Diesel engine trim starts at $23,530 MSRP. Which Cruze is right for your Lakeland commutes? Check out the 2019 Chevy Cruze price range and feature highlights with us to find the model that checks every box on your…