How to Improve Your Credit Score: Six Tips

Are you trying to buy a new or certified pre-owned car near Madison but uncertain you’ll be able to comfortably afford it due to a bad credit score? A strong credit score is crucial to getting approved and getting behind the wheel of the car you want, but it can be a difficult thing to manage. Let the team of financial experts at Burtness Chrysler Dodge Jeep Ram give you tips on how to improve your credit score so you can get approved for the vehicle you want!

Six Tips to Improve Your Credit Score


Tip #1: Check Your Credit Reports

The first step to increasing your credit score is to check your credit reports for any errors. While you may not have had your identity stolen, there are some mistakes that can occur that may leave you with a worse credit score than you deserve. Work to obtain your credit report from the three main credit bureaus: Equifax, Experian, and TransUnion. Thanks to the Fair Credit Reporting Act, you are allowed one free credit report per year which you can access from AnnualCreditReport.com.

Tip #2: Assess Your Debts

It’s important to know the debts you have so you can fully understand exactly how much you currently owe. Two major credit score factors include:

  • Number of cards with balances: If you have many credit cards with current balances on them, this will lower your credit score.
  • Debt-to-Credit Ratio: This ratio looks at the available credit you have vs. how much you have actually charged. To keep a good score, you ideally want to leave your credit charges each month below 30% of what your available balance is.

Tip #3: Create a Payment Plan

One way to increase your credit score is by creating an effective payment plan. This involves tacking your debts in collections, working toward paying larger debts first and fully eliminating smaller balances on credit cards.

Tip #4: Open a Credit Card

One reason why you may have a low credit score is simply that you’ve never had a credit card or loan before. You can establish a credit score by opening a card in Janesville and paying it off every month. In the case that you don’t qualify for a regular credit card, try a secured credit card. These have a small limit per month and typically requires an initial deposit fee to open.

Tip #5: Build a Credit Age

Something you may or may not be aware of is that credit scores are built over a long period of time. If you’ve just opened a credit account recently, you may need to build it up over some time to get it to a good place. However, one way to add to your history is to become a user on a family member’s credit account. If they pay their bills on time, this can reflect well on you. It’s important that if you want to go with this way, you and your family member have a clear understanding of how payments will be handled and who gets access to the line of credit.

Tip #6: Minimize New Credit Applications

Although we said that opening a new loan or card could be a way to improve your score, you don’t want to take out too many. Opening up too many new cards and taking out many loans can end up having a negative impact on your score for as long as a year’s time.

Find Out How to Raise Your Credit Score at Burtness Chrysler Dodge Jeep Ram

Want to know even more about how to improve your credit score? Well, our knowledgeable team of associates in our finance center is happy to help! Just contact us with any questions and we’ll be happy to answer them to the best of our ability. Think you’re ready to buy a new or used car at our dealership? Take a look at our entire new and used vehicle inventories, then apply for financing online! We can’t wait to see you here at our Whitewater dealership!

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1421 West Main St • Whitewater, WI 53190

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Burtness Chrysler Dodge Jeep Ram

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Phone: 262-214-0867

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Burtness Chrysler Dodge Jeep Ram
Burtness Chrysler Dodge Jeep Ram
1421 West Main St
Whitewater, WI, 53190 United States
262-214-0867
https://di-uploads-development.s3.amazonaws.com/burtnesscdj/uploads/2017/08/BurtnessCDJROGImage.png
Burtness Chrysler Dodge Jeep Ram 42.8340565, -88.7608485.