How to Get A Better Credit Score in Waukee

woman in car

Whether you’re having trouble getting a car loan, or you’re just trying to improve your overall credit situation, the finance experts here at Deery Brothers Chrysler Dodge Jeep Ram are here to provide you tips for how to raise your credit score! That said, continue reading to learn more about concrete ways to help boost your credit score and improve your quality of life in or around Adel!

Get Your Credit Report

Life happens. We understand that, and so do lenders. That’s why credit score is put into tiers, and financing is provided for people with various scores. Still, those with the best credit scores get the best loans and the best interest rates. So if you’re looking to raise your credit score, we can help. But to raise your credit score, one of the first steps is getting an idea of what your score is in the first place. You can do that by obtaining a credit score from all three major credit bureaus: Experian, Equifax, and TransUnion. The Fair Credit Reporting Act entitles you one free copy a year that you can access at AnnualCreditReport.com, which is a good place to start.

Assess All Your Debts

Your credit score is largely determined by these two overarching factors, debt to credit ratio, and number of cards/accounts with outstanding balances. Learn more about each and you’ll be well on the way to learning how to get a better credit score:

  • Your debt to credit ratio: This ratio measures all credit extended to you, taking into account how much available credit you have vs. how much you have actually charged. Here’s a pro tip to increase your credit score: keep charges for all accounts at less than 30% whenever possible, and you’ll likely see your score go up over time.
  • Number of cards with balances: The more cards you have with outstanding balances, the lower your score is likely to be.

Create a Payment Plan

Tackle your debts with a comprehensive repayment plan that includes paying debts in collections, eliminating small balances on cards, and working to pay down larger debts or larger credit card balances.

Open a Credit Card

Though having too many cards with high balances can lower your credit score, so too can having no loans extended to you. Simply put, lack of established credit can be just as much of a bane to your credit score as too much credit. How do you rectify this situation? Easy. Apply for a new credit card in %%target_city%% or consider taking on other debt, like a car loan from our auto finance center. Then, consider setting your payments to be deducted automatically. If you don’t opt for auto-pay, then making reminders to pay every month is a good alternative.

Don’t qualify for a regular credit card? Consider a secured credit card. This type of card has a small limit and usually requires an initial deposit of up to a couple hundred dollars to open, but can be a great way to boost your 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. You’ll just want to make sure that your family member’s credit history is good, as it will reflect 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.

Minimize New Credit Applications

While we discussed a new card or loan as one of the ways to improve your credit score, you don’t want to be careless about opening multiple accounts. In other words, you’ll want to establish new cards and loans carefully. When lenders do a hard inquiry of your credit, that can end up impacting your score for nearly a year or more.

Get More Tips to Increase Your Credit Score with Deery Brothers Chrysler Dodge Jeep Ram

Still searching for more tips to increase your credit score? Check out our car buying tips  like how to know the difference between leasing vs. buying or contact Deery Brothers Chrysler Dodge Jeep Ram today. Our auto finance and personal credit experts can answer any additional questions you may have about improving your credit score or buying a new or used vehicle.

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