How To Get a Better Credit Score

Don’t get down on yourself if your credit score is less than stellar and making it difficult to get approved for a credit card or car loan around Red Wing. Red Wing Chevrolet can help. If you want to know how to get a better credit score, you’re in the right place! Here we share some simple ways to raise a credit score. Remember, we specialize in no-hassle financing for people with poor credit. Feel free to reach out to us if you have questions, and you can always apply for financing online.

Check Your Credit Reports

For those Prescott drivers wondering, “How to boost my credit score?” we recommend you start by checking your credit report and ensuring it is accurate. You have the right to get a free credit report from all three major credit bureaus: TransUnion, Equifax, and Experian. The Fair Credit Reporting Act allows you one free copy per year, and you can request it at AnnualCreditReport.com. 

Review Your Debts and Write Them Down

Sometimes we aren’t fully aware of how many debts we have accrued, so make a list of them. Two factors that impact your credit score are:

• The number of cards you have with balances: The more credit cards you have that have balances, the less your credit score will be. 
• Your debt-to-credit ratio: If you don’t know what a debt-to-income ratio is, it’show much available credit you have versus the amount you owe. Try to keep your credit card balances below 30% of their available balance. 

Create a Payment Plan

Another tip to increase your credit score is to be assertive with your debts by prioritizing your debts in collections, eliminating small balances, and consistently paying down your larger balances.

Get a Credit Card if You Have Little Credit History

If you’ve never had any type of loan or credit card, getting one is a good way to raise your credit score. Keep the balance under 30% of your available credit, and always pay your monthly bill on time. Another effective way to raise your credit score is to select a recurring monthly charge (such as your mobile phone bill) and set it up an automatic payment using a credit card to make the monthly payment. You can also open a secured credit card if you can’t qualify for a standard credit card. A secured credit card requires a small initial deposit to open and your available balance will be your deposit amount. 

Avoid New Credit Applications

Here’s a good tip to increase your credit score around Zumbrota. Be extremely careful about applying for new credit cards or any loans. The more credit applications, the less your credit score will be.

The Finance Team at Red Wing Chevrolet is Ready To Help

If you need to talk to someone about how to get a better credit score, you can trust the finance team at Red Wing Chevrolet near Cannon Falls. We are always at your service, from auto maintenance to OEM car parts and even a new Chevy Silverado! Please contact us if we can help.