How To Increase Credit Score For Car Loan


How To Increase Credit Score For Car Loan

Attempting to find out how to increase your credit score for a car loan near Mount Pocono, Tobyhanna, Scranton, Stroudsburg, or East Stroudsburg? Well, the following article pieced together by the devoted staff at Ray Price Chevrolet is designed to tackle this question by laying out a handful of methods and tips that you can use to boost your credit score.

Beyond the following bullet points and graphs, you can always reach out to our financial consultants with further questions. Their experience will prove invaluable as you attempt to move through the car-shopping process!

Tips To Improve Credit Score

Watch Balances

Be sure to keep an eye on the size and quantity of your credit card balances.

Avoid Accumulating Various Small Balances 

Attempt to consolidate your credit in an effort to avoid small balances from falling through the cracks.

Pay Bills on Time

Keeping up with payments is key for credit score growth.

Avoid Unnecessary Risk

Avoid financial risk that may damage your current credit score.

Keep An Eye On Your Credit Card Balances

Credit card balances are a major part of your credit score, and how you manage these balances often correlates to the direction your score will move.

In an effort to boost your score, you want to try and pay down your balances while at the same time keeping those balances low and manageable. If you have multiple balances active at one time, you should consider consolidating these balances onto one card. This way, you can avoid having multiple balances that begin to inflate over time.

Eliminate Nuisance Balances 

Another balance-oriented method that will help you boost your credit score is to eliminate small balances spread across multiple cards that could get lost in the shuffle as you attempt to pay off debt.

These minimal balances may not seem like much, but if spread across enough accounts and given enough time to linger, these will ultimately lower your score or stagnate it enough to where boosting the score is unlikely.

Related Post: How to Get Auto Financing with Bad Credit

Pay Bills On Time

This is a straightforward method but paying your bills on time remains one of the most effective ways to keep your credit score high.

Also, the more that you're able to pay, the better. Ideally, you'll be wiping the slate clean each month, paying off your debts in full.

If this isn't a realistic option, however, attempt to pay off as much as possible. As soon as you can, pay off the rest, even if it means making a mid-month payment.

Avoid Unnecessary Risk

Another helpful way to improve your credit score is to dodge unnecessary financial risks, such as accepting large cash advances. 

Use These Tips To Improve Your Credit Score 

Now that you understand how to increase your credit score for a car loan, you can start browsing through possible models at the Ray Price Chevrolet inventory.

If you see a specific vehicle you could imagine driving around Mount Pocono, Tobyhanna, Scranton, Stroudsburg, and East Stroudsburg, get in touch with our financial center and we'll happily help you land a favorable loan!