How to Get a Better Credit Score: Tips & Tricks

For most of our neighbors near St. Charles and Fenton, credit is mysterious and hard to understand–and that makes it almost impossible to plan for major purchases. The Suntrup Automotive Group finance department believes there’s a better way. Find out how to get a better credit score and demystify this all-important metric with a little help from our team.

Tips to Increase Your Credit Score

How to Boost My Credit Score: Check Your Credit Reports

Checking your credit reports too often can make you seem like a risky asset to lenders, but you are entitled to one free copy of your credit report each year! Visit AnnualCreditReport.com to get your score from one of the three leading credit bureaus: Experian, Equifax, or TransUnion.

• When you know your credit score, you can avoid surprises and arrive at the dealership with confidence. The driver who knows how much car they can afford is more likely to get approved.

How to Boost My Credit Score: Assess Your Debts

A credit score is supposed to reflect your history of lending and borrowing. However, the scores also factor in the amount of money you currently owe! Here’s what the experts are looking at:

• Your debt-to-credit ratio compares the amount of credit you have available to the amount of that credit that you’ve actually used. A lower ratio is preferable.
• If you have many credit cards with balances, you might need to close a few out before you can get approved for a new loan. Try paying off the ones with the least debt.

Debt can start to feel overwhelming pretty quickly. Never underestimate the positive effects of a well thought-out payment plan! Be sure to consider all your options when buying a vehicle, too. For instance, even if you need a spacious family SUV, you can find plenty of affordable used 7 passenger vehicles with us here at Suntrup Automotive.

How to Boost My Credit Score: Open a Credit Card

A minimal credit history can be just as damaging as having too many cards open. In fact, if you haven’t taken out any loans or credit cards in the past, you might have no credit history at all! In these circumstances, the best way to get a better credit score is to open up a card, keep your balance low (under 30% of your maximum), and pay it down as much as you can every month.

Remember, this strategy will only improve your credit score if it you make payments on time!

How to Boost My Credit Score: Build a Credit Age

In some cases, linking your credit score to a more experienced family member may be helpful. As long as they can demonstrate a strong credit history, your credit will improve just by association. Just make sure both parties understand what’s going on before you try to improve your credit score in this way, or it could come back to bite you.

How to Boost My Credit Score: Minimize new Credit Applications

Just like checking your credit score too often, applying for new lines of credit too often can make you seem like a credit risk. Keep your applications to a minimum, and if you’re shopping around for the best auto loan package, keep all your applications within a 14-day period.

Find More Ways to Raise Your Credit Score with Us!

Still need help? Don’t hesitate to contact our finance team for more financing and insurance tips! We’ve seen it all here at Suntrup Automotive Group, and we can help you find out how to get a better credit score today! In the meantime, why not explore the benefits of buying used cars?