How to Get a Better Credit Score

Credit History

If your credit score is making it difficult to purchase or lease a new Hyundai vehicle, you’re probably wondering about ways to raise your credit score. For those searching, “How to boost my credit score,” the team at North Freeway Hyundai can help! Get tips to improve your credit score in this handy guide from the financial experts at North Freeway Hyundai. Then, peruse our inventory to find the vehicle that meets your needs and fits your budget.

Check Your Credit Reports

Checking your credit reports helps you spot issues like identity theft, but it also allows you to keep track of what your credit history looks like. Before asking how to boost your credit score or for ways to raise your credit score, be sure everything you see on your reports is accurate. To do so, get a report from the three major credit bureaus: Experian, Equifax, and TransUnion. The Fair Credit Reporting Act entitles you to one free copy a year, which you can find at AnnualCreditReport.com. 

Assess Your Debts & Create a Payment Plan

Write out your debts to know what you owe and how to tackle them. Two determining credit score factors include: 

  • Your debt to credit ratio: How much available credit you have vs. how much you have actually charged. You want to keep your credit card charges below 30% of the available balance every month. 
  • The number of cards with balances: The more cards with balances, the lower your score will be. 

Now, you’ll want to attack your debt head-on with a realistic repayment plan to eliminate small balances on cards and work to pay down your larger debts. This includes any debts in collections.

Open a Credit Card

For most people, their credit score is low due to never opening a loan or credit card. Opening a credit card helps establish credit, as long as the balance remains under the 30% balance and you pay the bill on time every month. Tips to increase your credit score include picking one recurring monthly charge and paying it with your credit card, making sure you have the money to pay the balance off when the bill arrives. 

If you don’t qualify for a credit card, consider a secured credit card, which has a small limit and typically requires a small initial deposit. Don’t fret – your credit score will increase over time.

Get More Tips to Increase Your Credit Score With North Freeway Hyundai

For additional ways to increase your credit score, give the financial experts at North Freeway Hyundai a call or contact us online! We’ll walk you through the car buying process and help you find the vehicle that’s sure to enhance your drives around Houston.

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