How to Improve Your Credit Score

Looking to make the most out of your financing options for your next purchase at Graff Chevrolet? It may actually be easier than you think to improve your credit score. Use these tips to work your way towards better financing options for your next vehicle purchase.

car finance

Pay On Time

Your credit score is made up of several different factors, but the largest percentage comes from your payment history. This looks at whether you’ve consistently made payments on time. Paying bills late repeatedly can drop your score quickly. Even if all you can do is make the minimum payment on time every month, that will still help to build your score back up.

Keep Your Debt Low

Another big determining factor is your debt to available credit ratio. If you’re always close to being maxed out on a credit card, this looks bad on your credit history. The ideal balance is to owe 30% or less of your available credit. Try to keep your debts paid off as much as possible.

Leave the Old Debt There

While it may seem like erasing debt from your credit history will be helpful, it’s actually a waste of time. The truth is that old debt is just proof that you’re capable of paying off debt, which is what lenders want to see in a potential borrower.

Leave a Reply

Your email address will not be published. Required fields are marked *