How to Get a Better Credit Score

Are you struggling to get approved for an auto loan in Jamestown due to your credit score? The team at Basil Chevrolet Inc. understands. That is why we have created this helpful guide on how to get a better credit score. There are ways to raise your credit score and increase the likelihood of getting approved and getting a great rate on an auto loan or lease. Explore our tips to increase your credit score below and when your score is where you want it to be, apply for financing with us online.

Check Your Credit Reports

The first step you should take is to inspect your credit score. It is certainly possible that mistakes have been made that hurt your score. It is also possible that you are a victim of identity theft. So, when you ask “how to boost my credit score,” make sure your reports are as factual as possible. Secure a copy of your credit report from each of the three major credit bureaus: Experian, Equifax, and TransUnion. Every year, you are entitled to a free copy thanks to The Fair Credit Reporting Act. Get your copy at AnnualCreditReport.com.

Assess Your Debts

Next, see where you stand when it comes to debt. The following factors can have an impact on your credit score.

• Your debt to credit ratio: If possible, try to keep your credit card charges under 30% of the available balance every month.
• Number of cards with balances: The more cards you hold with balances, the bigger the impact on your credit score.

Establish a Debt Payment Plan

Create a debt repayment plan that works with your budget. You want to tackle debts in collections, small balances on credit cards, and paying down larger debts.

Minimize New Credit Applications

Be as judicious as possible when applying for new cards or loans. When lenders do a hard inquiry of your credit, applying for credit can actually impact your score for as long as a year.

Learn “How to Boost My Credit Score” and More

In need of more tips to increase your credit score? Do not hesitate to reach out to the finance department at Basil Chevrolet Inc.. Our credit experts can walk you through the process and answer any questions you may have along the way. We’re just a short drive from Westfield and Dunkirk, so stop by today. Wondering if you can finance a car with no credit? We have the details.