How to Get a Better Credit Score

Car key & credit card on a signed contract

No matter what your credit score, chances are it can always be improved. A higher credit score means you’ll get a better auto loan rate when you apply for financing on a new Cadillac with Thompson Cadillac. So, do you need some tips on how to get a better credit score in Nixa? The finance department at Thompson Cadillac is here with ways to raise a credit score.

How to Boost My Credit Score — Check Credit Reports

If you’re looking at how to get a better credit score, start with taking a deep dive into your credit report. Mistakes do sometimes get made on credit reports, so you want to make sure that yours is accurate. This is the easiest way to raise a credit score. You can obtain your credit report from one of the three credit bureaus: Experian, Equifax, and TransUnion. The Fair Credit Reporting Act entitles you to one free copy a year that you can access at AnnualCreditReport.com.

How to Boost My Credit Score — Assess Debts

Make a comprehensive list of all your debts so you know exactly how much you owe. This will benefit you in budgeting your income, but will also help you understand your credit score, which is determined by two factors:

  • Debt to credit ratio: This is the amount of available credit you have compared to how much you owe. If you keep your debt under 30 percent of your available credit, your credit score is probably in good shape.
  • Number of cards with balances: The more cards with balances, the lower your score.

Now that you understand how you got your current credit score and you have a thorough list of your debts, you’re set to attack your debts with a repayment plan that includes tackling debts in collections, eliminating small balances on cards, and working to pay down larger debts.

How to Boost My Credit Score — Open a Credit Card

One easy way to raise your credit score is to open a credit card account. For Ozark consumers who have never had a loan or credit card, this is the place to start. You need to establish credit before you have credit. Remember that keeping the balance under 30 percent of the credit limit is one of the ways to raise your credit score. If you don’t qualify for a regular credit card, try a secured credit card that has a small limit and requires an up-front deposit to open.

While having one or two credit cards is a great tip to increase your credit score, don’t overdo it. If you apply for too many credit cards or loans it will have a negative impact on your credit.

How to Get a Better Credit Score — Build a Credit Age

Your credit score is built over time. If you are starting today, one way to improve or add to your history is to become a user on a family member’s account. As long as they have paid their bills on time that will begin to reflect well on you. Just make sure both parties have a clear agreement on who actually gets to use this line of credit and how payments will be handled.

Get More Tips to Increase a Credit Score at Thompson Cadillac

These tips on how to get a better credit score are just the beginning when it comes to financial health in Republic. If you’d like to know more, like whether you should lease or buy, don’t hesitate to contact Thompson Cadillac in Springfield. Our financial experts are here to help you find the best way to pay for a new Cadillac so it fits perfectly into your budget.

 

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