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. Learning to calculate interest will help you set up an accurate payment plan and will help you pay off your car loan in the future.

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

Getting a better credit score has many longterm advantages, including a good interest rate for a car loan. 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!

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