Are you worried that your credit score will prevent you from getting a new car to drive around Peoria? When it comes to financing a car and figuring out how to get a better credit score, Mike Murphy Ford is here to help. These tips to start raising your credit score should help!
Obviously, identity theft has the capacity to impact your credit score, but there’s also the fact that mistakes do happen. So as you consider ways to raise a credit score, look into your credit reports to ensure that they’re as factual as possible. Obtain reports from all major credit bureaus: Experian, Equifax, and TransUnion. The good news is, the Fair Credit Reporting Act entitles you to one free copy each year, accessible at AnnualCreditReport.com.
Assessing your debts is another step forward in improving your credit score. When you do, you will get a sense of understanding exactly how much you owe, which affects your credit score in two ways:
Once you’ve gotten all the information about your current debts, tackle them head-on with a repayment plan. This includes focusing on:
As you consider how to boost my credit score, think about this: have you ever had a loan or credit card? Your credit score may be low simply because you haven’t taken out credit. Establish credit in East Peoria by opening a credit card. Just make sure to maintain a balance below 30% and pay your bill on time every month. Having trouble with your credit card applications? Try for a secured credit card, as they usually have a small limit and require an initial deposit to open.
Although we previously mentioned the importance of opening a new credit card if your credit score is low or non-existent, we still recommend being careful when submitting new applications. That’s because hard inquiries of your credit have the potential to impact your score for up to a year.
Pekin drivers can always turn to Mike Murphy Ford for any financial advice they need before, during, or after the car buying process, especially when it comes to how to get a better credit score. Get in touch with any questions, and feel free to apply for financing online to get started!
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