How to Improve Your Credit Score

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Are you concerned with your credit score and its effect on your loan and leasing ability? If you need help improving your credit score, feel free to reach out to the team at AutoMax Hyundai Norman! Take a look at our tips on how to get a better credit score, then contact us with any questions.



Tips to Increase Credit Score: Check Your Credit Reports

While it’s common knowledge that major issues like identity theft can harm your credit score, there are several factors you should be aware of. The best way to ensure you’re getting all the right info is by getting a report from all three major sources: Experian, Equifax, and TransUnion. According to the Fair Credit Reporting Act, you can obtain a credit report once a year at AnnualCreditReport.com.

Tips to Increase Credit Score: Assess Your Debts

Take note of exactly how much you owe for each line of credit in your name. When doing so, it’s important to consider how the following affect your credit score:

  • Number of cards with balances: The more open cards you have with unpaid balances, the lower your score will be.
  • Your debt to credit ratio: The amount you owe vs. how much you can potentially charge. For the best score, it’s important to keep your charges under 30% of your limit.

Tips to Increase Credit Score: Create a Payment Plan

Take care of small charges quickly and come up with a payment plan for larger amounts. Lower your debts in collections and develop a schedule to lower your larger debts piece by piece. Be sure to stay on your schedule to ensure you can pay it all off without your interest catching up to you.

Tips to Increase Credit Score: Open a Credit Card

It may seem counterintuitive, but there are actually a number of circumstances in which opening a credit card can improve your credit score. If you don’t have any established credit or don’t have a long payment history, then opening a new card can vastly improve your credit score — so long as you keep your balance under 30% of your limit and pay your bills on time. A simple way to improve your credit score is to open up a card for regular monthly purchases and immediately paying off the balance in full.

Tips to Increase Credit Score: Build a Credit Age

Your credit may be low if you have only just opened up a line of credit. If you just started building your credit, you can improve your score by starting up a line associated with a family member’s account. If they’re vigilant about paying on time, their credit will reflect well on you. In these cases, it’s important for both parties to have a mutual understanding of the purpose of the account.

Tips to Increase Credit Score: Minimize new Credit Applications

While opening a new line of credit can be helpful for those building credit for the first time, you should be careful when applying for new credit lines when you’ve already established your credit. This is because lenders do a hard inquiry on your credit when you go to open up a new card or apply for a loan.

Find Out More Ways to Raise Credit Score at AutoMax Hyundai Norman

Still, need more tips to increase your credit score? Want some personal advice based on your situation? Contact the finance center at AutoMax Hyundai Norman. Our finance team will help you in every step of the process and will be happy to answer any additional questions you may have like what does guaranteed car financing mean. We’ll get your credit ready for when you want to take home a new Hyundai available in our online inventory!

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AutoMax Hyundai Norman
AutoMax Hyundai Norman
551 N. Interstate Dr.
Norman, OK, 73069 United States
(888) 974-8847
https://www.automaxhyundainorman.com/wp-content/themes/DealerInspireDealerTheme/images/logo.png
AutoMax Hyundai Norman 35.2248889, -97.4844599.