Shopping for a new car and unhappy with your terms? Your credit score can play a big factor in your loan offers and terms. Our Honda financial experts at Lester Glenn Honda have a few tips to help you raise your score.
Check Your Credit Report
Many buyers are shocked when they see their credit score. Oftentimes, when that happens, it’s because they have dings on their score they didn’t even know were there. Before you see us, we encourage you to look carefully over your report and dispute any issues you see.
Consider a Credit Increase
If you’re maxing out your credit cards, the utilization can have a big impact on your credit score. It’s best to keep your utilization under 30 percent. If paying them down isn’t an option right now, consider asking for an increase to your credit line, which can instantly lower your percentage if approved.
Make Your Payments on Time
On-time payments are the single most important factor in your credit score. When you make a late payment, it will stay on your report for up to seven years. If you’ve recently made a late payment (or know you will be late), reach out to your creditor, they may be willing to help.
Ask to Be Added as an Authorized User
Have a trusted family member or friend that has excellent credit? If they’re willing, you can ask to be added as an authorized user on one of their credit cards. This can increase your available credit as well as add on-time payments to your report.
Visit Lester Glenn Honda for Financing Tips
Our financial team at Lester Glenn Honda is happy to sit down with you and review your options anytime. We may even have a better solution for you altogether. Stop by and see us today!
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