How to Improve Your Credit Score

Tips to raise credit score

Having problems securing a credit card or car loan due to a less than ideal credit score? If you’re looking for help on how to get a better credit score in the Ft. Collins area, the finance team at Honda of Greeley has some helpful tips on how to raise your credit score today.

Check Your Credit Reports

When you’re trying to figure out how to boost my credit score, or ways to raise my credit score, make sure that the information contained in your credit report is correct. Aside from issues such as identity theft, it is possible that there could be some mistakes in your report. We advise you to request your credit report from all three major credit bureaus: Experian, Equifax, and TransUnion. The Fair Credit Reporting Act entitles you one free copy a year that you can access at AnnualCreditReport.com.

Assess Your Debts

To start, you should make a list of all your debts so you can clearly see exactly what you owe. There are two factors that determine what your credit score will be:

  • Your debt to credit ratio: How much available credit you have vs. how much you have actually charged. It is recommended that you keep your credit card charges under 30% of the available balance every month.
  • Number of cards with balances: The more credit cards you have that are carrying a balance, the lower your credit score.

Create a Payment Plan

You can actively help to repair your credit score with a repayment plan that includes managing debts in collections, eliminating small balances on cards, and working to pay down larger debts.

Open a Credit Card

One reason why your credit score could be low is because you simply have never had a loan or a credit card before. Opening a card in Loveland can help establish credit, as long as you keep under the 30% balance and pay your bill on time every month. A simple way to improve your credit score is to pick one recurring monthly charge and have it paid with your credit card, making sure you set the money aside to pay the balance off when the bill arrives.  If you don’t qualify for a regular credit card, consider a secured credit card. With a secured card you’ll have a smaller limit and you will usually be required to make an initial deposit of up to a couple hundred dollars before you can use the card.

Build a Credit Age

Since your credit score is built over time, another way to improve or add to your history is to become a user on a family member’s account. As long as they have paid their bills on time that will begin to reflect well on you. Just make sure both parties have a clear agreement on who actually gets to use this line of credit and how payments will be handled.

Minimize New Credit Applications

While securing a new card or loan is one of the ways to improve your credit score, you will want to be careful when applying for new cards or loans. When lenders conduct a hard inquiry of your credit, it can wind up negatively impacting your score for up to a year.

calculator and credit

Find Out More Ways to Raise Credit Score at Honda of Greeley

If you’d like additional tips on how to increase your credit score, please feel free to contact us. Our finance specialists can help you explore your lease or finance options, and provide advice on everything from GAP insurance to how to qualify for an auto loan. Use our payment calculator to determine what your monthly payments in the Longmont area will be, then apply for financing with us online today!

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4535 W 29th Street • Greeley, CO 80634

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Honda of Greeley

4535 W 29th Street Greeley, CO

Phone: (970) 506-2791

https://maps.google.com/?q=4535%20W%2029th%20Street%2C%20Greeley%2C%20CO%2080634

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Phone: (970) 939-5340

4535 W 29th Street Greeley, CO

Sales

Phone: (970) 506-2791

4535 W 29th Street Greeley, CO

Service

Phone: (970) 939-5340

4535 W 29th Street Greeley, CO
40.3906586 -104.7550626
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Honda of Greeley
Honda of Greeley
4535 W 29th Street
Greeley, CO, 80634 United States
(970) 506-2791
https://di-uploads-pod9.dealerinspire.com/hondaofgreeley/uploads/2016/10/HG_OpenGraph.png
Honda of Greeley 40.3906586, -104.7550626.