Tips To Increase a Credit Score

Is your credit score less than stellar and creating problems in getting approved for a credit card or auto loan in East Moline? Are you wondering, “How to boost my credit score?” Don’t worry. There are some simple things you can do to improve it. Here, the finance team at Green Family Chevrolet shares some helpful tips to increase a credit score. We also specialize in no-hassle financing. Let us know if you have any questions, and feel free to apply for financing online or at our dealership near Moline. 

Check Your Credit Reports

If you’re wondering, “How to boost my credit score?” start by reviewing your credit score and checking for errors. You can obtain a free report from all three major credit bureaus: Equifax, Experian, and TransUnion. The Fair Credit Reporting Act entitles you to one free copy a year, and you can access it at AnnualCreditReport.com. 

Review Your Debts

Make a list of your debts so you are fully aware of what you owe. Two important things that impact your credit score are:

• Your debt to credit ratio: Your debt to income ratio ishow much available credit you have versus how much you owe. Try keeping your credit card charges under 30% of their available monthly balance. 
• Number of cards with balances: The more credit cards you have with balances, the lower your credit score will be. 

Create a Payment Plan

Other ways to raise your credit score are to be aggressive with your debts with a repayment plan that prioritizes debts in collections, eliminates small balances on credit cards, and pays down your more significant debts. 

Open a Credit Card if You Have Little Credit History

If you’ve never had a loan or credit card before, getting one can raise your credit score. Be sure to keep the balance under 30% of your credit and pay your monthly bill on time. An easy way to improve your credit score is to pick one recurring monthly charge (like your smartphone bill) and set up an automatic payment using your credit card to make that payment each month. You can always open a secured credit card if you don’t qualify for a regular credit card. This card type has a small limit and requires a small initial deposit to open. 

Minimize New Credit Applications

Another way to improve your credit score in Rock Island is to be careful about applying for new cards or loans. Keep your credit applications to a minimum.

Trust the Finance Team at Green Family Chevrolet

If you need more advice on how to get a better credit score, trust the finance specialists at Green Family Chevrolet near Bettendorf, IA. We are always happy to help, from auto service to car parts and even a pre-owned car. Don’t hesitate to reach out to us if we can be of assistance.