How to Get a Better Credit Score

Tiny car with coins and finance paperwork
 

Are you asking yourself, “How can I boost my credit score?” If you’re trying to find a new or used vehicle and you’re worried about financing, you may be searching for ways to raise your credit score. The finance center at Land Rover Wilmington has lots of tips to increase credit scores and secure solid payment plans for your next vehicle below!

Factors That Can Impact Your Credit Score

Are you getting ready to fill out a credit application for a new vehicle in Newark or Middletown and wondering about ways to raise your credit score? The first step is to inform yourself and know essential information about your finances before you take action. These include: 

  • Checking Your Score: The Fair Credit Reporting Act ensures you can get an annual credit report at annualcreditreport.com. Other major credit firms like Equifax and Transunion are also reliable sources for finding out where you stand, then pursuing ways to raise your credit score. 
  • Debt to Credit Ratio: This refers to how much available credit you have on your card versus how much you owe the lender. Try only to spend around 30% of your balance month-to-month, one of a few go-to tips to increase your credit score. 
  • Number of Credit Cards: It’s very tempting to use the benefits on many credit cards, but owing money to many different companies has ill effects on your credit score.

Tips to Increase Your Credit Score 

Once you’re informed about your score and have cataloged your debts, there are a few ways you can improve it. Follow these tips for how to get a better credit score: 

  • Take Out a Card: Sometimes, low credit is simply the result of not having a credit card! However, once you get a card, try to stick to the 30% rule outlined above. Regular payments are a simple way to improve your score! 
  • Use a Family Member’s Account: Building credit quickly is difficult. If you’re struggling with your card, you can build credit age by putting your name on a family member’s credit line. 
  • Time and Minimize Credit Applications: If you fill out many credit applications, lenders can take this as a bad sign. It will also lower your crest score. Try to make sure you’re smartly applying for credit. 
  • Consider a Lease: If you’re looking for credit for a new vehicle in West Chester, PA, consider leasing options. A dealer still owns the car on a lease, so they are more likely to help you get a vehicle with less-than-ideal credit. 

Apply for Credit at Land Rover Wilmington! 

The finance center at Land Rover Wilmington regularly helps Wilmington drivers on all parts of the credit spectrum with financing and extensive car buying tips. You can even securely apply for financing online! If you have any questions about getting a better credit score or other financing issues, please contact us today!

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