CREDIT IMPROVING TIPS
If you know you'll be in the market soon for a new vehicle you can use these tips to start working on improving your credit so that when it comes time to buy, you can get the car of your dreams!
What sort of interest rate you'll be offered when you're buying or leasing a new car depends heavily on your credit score. Now, if you're panicking, don't: even if your score isn't where you'd like it to be, there are always ways to give it a boost
Remember, improving your credit score takes time. The only way to fix your credit score is to fix your credit history, and that only happens over time. Starting right now to adjust your spending habits and make payments is the best strategy for regaining your good credit.
- Starting now, pay your bills on time; late payments will kill your credit. While this one may sound simple, forgetting a payment can happen very easily. Set up automatic payments or calendar reminders on your phone to make sure you never forget a due date.
- Keep your outstanding debt as low as possible, which means try to keep a low balance on all your credit cards. The optimum balance to keep is 30% of your credit limit or lower.
- Avoid opening more credit cards then necessary. It's tempting to get those "opening" offers at department stores and shops, but too many lines of credit can have a seriously adverse effect on your score. If you have several cards with small balances, pay those off first.
- If you owe a lot on a credit card, don't close it. Having debt in unopened lines can lower your credit. Stop using that card and work to pay off the existing debt. Pay them down by starting with the lowest balance cards first.