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Ways to Improve Your Credit Score

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Worried that a low credit score could prevent you from securing a low-interest rate on your auto loan? Lenders use your credit report to decide whether they can rely on you to make timely payments. If your score is lower than “Good”, most lenders will impose higher interest rates. If you’d rather not pay the hiked-up rates, it’s time to raise that credit score! Learn how to assess your current credit score in Dallas-Fort Worth and how to get a better credit score from the financial experts at Autobahn Land Rover Fort Worth.

Get a Recent Credit Report

Searching “how to boost my credit score” brings up so many results that it can be hard to know where to begin. The one thing you should do above all else is to get an up-to-date credit score and see what’s holding down your score the most. You can request a free score from the national credit reporting companies once each year. Free services like Mint can provide a score, along with a helpful analysis and tips to increase credit score.

Assess Your Debts

Step one of how to get a better credit score is simply to assess your current situation. Go over your credit report and identify all the steps you can take right now to begin building a higher score. Five credit score factors will have the biggest impact on your FICO score:

  1. Payment History (35%) – Your timeliness on credit card and installment loan payments.
  2. Credit Utilization (30%) – The percentage of available credit that you’ve borrowed.
  3. Length of Credit History (15%) – Age of open accounts and time since the last action.
  4. New Credit (10%)– If you don’t have much credit activity otherwise, opening new accounts will raise your score.
  5. Credit Mix (10%) – A variety of well-managed credit products is good for your score.

Set a Goal and Make a Plan

Ways to Raise Credit Score: Set a Credit Goal

Raising your credit score starts with setting a goal for your credit score! Stop asking, “how to boost my credit score” and start asking, “how to boost my credit score by 30 points.” In other words, find out what score you need to secure the rate you want. That knowledge will help you create an efficient credit-boosting action plan.

Ways to Raise Credit Score: Make a Payment Plan

If outstanding debts are holding down your score, make a budget and tackle them one at a time. Start with those that are dragging down your score the most, such as debts that have moved to collections. Then, stick to your plan and chip away at the debts each month. Some people like to take care of the largest debt first, while others feel more productive knocking out a bunch of smaller debts first. As long as you deal with older debt first, the order won’t make a difference to your score.

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Open a Higher-Limit Credit Card

Here’s a tip for how to get a better credit score that you may find counter-intuitive: open a new credit card with a higher limit. What many Fort Worth drivers don’t know is that credit utilization – the percentage of available credit that you’ve borrowed, also known as debt-to-credit- ratio – makes up 30 percent of your total credit score. Even if you only have one account with a $5,000 maximum, your score may take a significant hit if the account is carrying much more than $1,500 of debt.

FICO recommends having three open credit accounts, each at no more than one-third of utilization, and no more than $3,000 of debt between revolving accounts. Even if you carry more than $3,000 of total credit card debt, you can still increase your score by opening up a second or third account.

Rely on Autobahn Land Rover Fort Worth for Tips to Increase Credit Score Today

Questions about the ways to raise credit score that we looked at in this guide? Contact our DFW-area finance center to speak with an auto financing expert. We offer flexible financing options and lease deals on new and used Land Rover vehicles, and we’re happy to work with you on a plan that fits your budget. At the end of the day, we want you to drive home to Dallas-Fort Worth in a high-quality Land Rover that has everything you’re looking for.

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