Your
credit score directly influences your access to loans, and how much you pay
when financing purchases. If your credit is less than stellar, purchasing a
home, buying a vehicle, or leasing an apartment might be challenging. You’re
likely even paying more for insurance.If any of this describes your current situation, know that there is hope. Here are five ways to quickly and effectively improve your credit. From making payments to purchasing a car through an in-house financing dealership in Utah, there are several effective strategies.
Get a Secured Credit Card
While you generally shouldn't get another credit card if you’re trying to
improve credit, a secured credit card may be an exception. Secured credit cards
provide a way to make on-time payments (see below) with limited risk. improve
credit
When you sign up for a secured credit card, you’ll have to make an initial
payment that becomes the card’s line of credit. You can then use the card like
any other credit card, making purchases and payments to build your credit.
Should you ever miss a payment, the amount due will be drawn from your initial
payment. You can’t go into severe credit card debt with a secured card.
As you demonstrate an ability to responsibly use a secured credit card, your credit will improve and more opportunities will become available to you.
Make On-Time Payments
If you do nothing else, making payments on time will have a substantial impact on your credit score. Your payment history accounts for 35% of your FICO credit score, which is the largest percentage of any category. You can’t remove old late payments but making future payments when they’re due will quickly improve this portion of the score (and your overall score).
Become an Authorized User
If you’re close to someone who has good credit, you might improve your own
credit by becoming an authorized user on their account.
An authorized user is able to use the account (which is usually a credit card), and they’re considered responsible for the account. The account’s history thus becomes part of the authorized user’s credit history. That could boost your credit score if the account has a better history than most of your own accounts.
Pay Down Existing Debt
Paying down debt reduces your credit utilization, which accounts for 30% of
your FICO credit score. It also could help you catch up if you’re behind on
payments.
Many people who struggle with credit don’t have the financial resources to make large payments against their debt. If you receive a windfall from a tax return, gift, inheritance, or other source, this can be an excellent use of the unexpected funds.
Get a Car Loan With In-House Financing
While you might not be able to qualify for a third-party car loan, even
drivers with bad credit can get car loans from dealerships that offer in-house
financing. Since the loan is written against the car and handled by the car
dealership, past credit mistakes matter much less (if at all).
A car loan that’s purchased from an in-house financing dealership in Utah gives you the opportunity to rebuild your credit through on-time payments. It also decreases your credit utilization as you pay off the loan and diversifies your mix of credit. These three factors together account for 75% of your credit score.
Get a Car With In-House Financing
While purchasing a car might be challenging if your credit isn’t good, our
staff at Rocky Mountain Motor Cars can almost certainly still get you a car
through our in-house financing programs. Contact us today, and you
could be both driving and building your credit tomorrow.
All Locations
| Mon: | 9:00am - 8:00pm |
| Tue: | 9:00am - 8:00pm |
| Wed: | 9:00am - 8:00pm |
| Thu: | 9:00am - 8:00pm |
| Fri: | 9:00am - 8:00pm |
| Sat: | 9:00am - 6:00pm |
| Sun: | Closed |
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