Need to improve your credit score? Here are some tips from us at Jeff Lungren Chevrolet.
Get Up to Speed with Your Bills
Paying your bills on time and catching up with missed payments to get current goes a long way in demonstrating to financial institutions that you’re trustworthy and responsible with your credit.
Keep Balances Low
Even if you have several credit accounts open in different areas, it’s important to only use these accounts as needed and keep balances low. Having a lot of debt negatively impacts your credit score.
Don’t Open Too Many Accounts at Once
The length of your credit history matters. If you have several accounts, but those credit accounts were opened over an extended length of time, it’s less impactful than if you opened a lot of accounts in a short period.
Have Credit Cards
This may seem counterintuitive, but it’s good to have credit cards in order to prove you can pay off debt in the first place.
Order a Credit Report
While you should do your research in advance on the agency you order it from, ordering a credit report shouldn’t affect your credit score and helps you keep track of it.
Sometimes in order to qualify for a loan or mortgage, you need to improve your credit score. Use these pointers to get there.