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How to Improve Your Credit Score

Credit Cards and Bills

Your credit score can help or hurt you from securing a credit card or car loan. If you’re experiencing this problem, the Finance Department at Beechmont Toyota is here to help! We have the information needed on how to get a better credit score. Learn the different ways to raise your credit score with our helpful credit repair tips from a credit improver like our knowledgeable finance team.

Tips to Increase Credit Score: Check Your Credit Reports

Going beyond major issues like identity theft, things can happen by accident that impacts your credit score. So when you ask our finance team how to boost my credit score or ways to raise credit score, it’s important to make sure our reports are as factual as possible by getting one from all three of the major credit bureaus: Experian, Equifax, and TransUnion. The Fair Credit Reporting Act entitles you to one free copy a year that you can get at AnnualCreditReport.com.

Tips to Increase Credit Score: Assess Your Debts

To start, list out all of your current debts so you can see everything you owe and how much. There are two determining credit score factors:

  • Your debt to credit ratio: How much available credit you have versus how much you have actually charged. Ideally, you want to keep your credit card charges under 30% of the available balance every month.
  • The number of cards with balances: The more cards with balances, the lower your score.

Tips to Increase Credit Score: Create a Payment Plan

Create a realistic payment plan and attack those debts, and this includes taking care of debts in collections, eliminating small balances on cards, and working to pay down larger debts.

Tips to Increase Credit Score: Open a Credit Card

Your credit score can be low because you’ve never had a loan or credit card before. Opening a card in the Loveland area can easily help you establish credit, as long as you keep the balance under 30 percent and pay your bill on time every month. An easy way to improve your credit score is to pick one recurring monthly charge and have it paid with your credit card, but make sure you have the right amount of money aside to pay off the balance when the bill arrives.

If you don’t qualify for a regular credit card, think about getting a secured credit card. This type of card has a small limit and typically requires an initial deposit of up to a couple hundred dollars to open.

Tips to Increase Credit Score: Build a Credit Age

Your credit score builds up over time. If you are starting today, a great way to improve or add to your history is to become a user on a family member’s account. As long as the bills are paid on time, that will start reflecting well on you. Just be sure that both parties have a clear agreement on who is going to use the line of credit and how payments will be handled.

Tips to Increase Credit Score: Minimize New Credit Applications

We discussed a new credit card or car loan as one of the ways to improve your credit score, but you may want to be cautious in applying for new cards or loans. When lenders do a hard inquiry of your credit, that will impact your score for up to a year.

Find Out More Ways to Raise Credit Score at Beechmont Toyota

Do you want additional financial information or assistance on how to get a better credit score or how to get a car with bad credit? For additional tips to increase credit score, details about liability insurance, or how to buy a new carcontact our finance team at Beechmont Toyota. Our friendly credit experts will walk you through the process and answer any additional questions you have.


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