How to Get a Better Credit Score

Do you need to finance a new car or pre-owned vehicle but need help with ways to raise your credit score? Don’t worry. Classic Buick GMC Beaumont is always happy to help. Keep reading to learn how to get a better credit score with the team at Classic Buick GMC Beaumont, and if you have questions, reach out to our finance team at Beaumont. 

Check Your Credit Reports

Mistakes do happen, and mistakes in your credit score can cause serious issues. When was the last time you checked your credit reports? Be sure your credit reports are as accurate as possible by ordering one from all three major credit bureaus: TransUnion, Experian, and Equifax. The Fair Credit Reporting Act allows you one free copy a year from each of them, and you can access your reports at www,AnnualCreditReport.com. 

Assess Your Debts

Make a list of all of your debts so you can clearly see what you owe and to whom. Two significant credit score factors are as follows:

• Number of cards with balances: The more cards you have with balances, the lower your score. 
• Your debt to credit ratio: Access how much credit you have available compared to how much you have actually racked up. Try keeping your credit card balances under 30% of their available monthly balance. 

Create a Payment Plan

Then, attack your debts with gusto. Create a repayment plan that includes paying off any debts in collections first. Then, eliminate small balances on cards, and keep working to pay down larger debts. 

Open a Credit Card

Your credit score could be low because you need more credit history. If this is the case, apply for a card with a local Nederland bank or Woodville credit union to establish credit. A simple tip to increase your credit score is to pick one recurring monthly charge, like your phone bill, and set up an automatic payment. If you don’t qualify for a traditional credit card, consider applying for a secured credit card. This type of credit card has a small limit and requires a small initial deposit to open. 

Minimize New Credit Applications

Be careful about the number of new credit applications you submit, and if you do apply, do it within the same 14-day period. Too many credit inquiries around Lumberton can negatively impact your score for up to a year. 

Apply For a Car Loan at Classic Buick GMC Beaumont

Now you no longer need to wonder how to boost my credit score. If you need additional advice on how to get a better credit score, trust the finance team at Classic Buick GMC Beaumont. We can provide even more tips to increase a credit score and help you apply for financing when ready. We take all the hassle out of getting a car loan, so contact us today!