How to Improve Your Credit Score

Your credit score is critical when you want to buy or lease a new Chrysler, Dodge, Jeep, or RAM. If you need help improving your credit score, feel free to reach out to the team at Connors Chrysler Dodge Jeep Ram! Take a look at our tips on how to get a better credit score, then contact us with any questions.

Tips to Increase Credit Score: Check Your Credit Reports

Knowing your credit score is the first step in improving it! For a balanced review, it’s important to gather a report from all three major sources: Experian, Equifax, and TransUnion. The Fair Credit Reporting Act grants you the right to receive one credit report a year at Further inquiries have a chance to negatively impact your credit score, so be judicious about doing so.

credit score paperwork


Tips to Increase Credit Score: Assess Your Debts

It’s important to understand exactly how much you already owe on you open credit lines. When you assess how much money you currently owe, consider how these items will impact your credit score:

  • Your debt to credit ratio: This is how much you currently owe compared to how much you could potentially charge. Be sure to keep your debt under 30% of your credit limit for the best score.
  • Number of cards with balances: The more open credit lines with unpaid balances, the lower your credit score will be.

Tips to Increase Credit Score: Create a Payment Plan

It’s important to have a plan of attack when your whittling down your debts. Take care of small charges as soon as they appear and create a payment plan for the larger chunks. You don’t want to sacrifice your standard of living, but you also don’t want your interest to outpace your payments.

Tips to Increase Credit Score: Open a Credit Card

While it may seem contradictory, opening a new line of credit can actually improve your credit score in certain circumstances. For example, if you’ve never opened a credit card or taken out a loan, opening a credit card and making payments on-time will greatly improve your score. A simple way to improve your credit score is to open up a card for regular monthly purchases and immediately paying off the balance in-full.

Tips to Increase Credit Score: Build a Credit Age

Those who have never had a credit card or have only just opened one might be disappointed in their credit score. This can be mitigated by joining onto a family member’s account. If they have a great credit score and solid history, then it will impact your score positively. However, make sure both parties are in agreement and understand its purpose and implications.

Tips to Increase Credit Score: Minimize new Credit Applications

If you’ve already established your credit, then you should be cautious about opening a new line of credit. Lenders do a hard inquiry on your credit whenever you inquire about opening up a new card or giving out a loan. It also implies you will be taking on more debt in the near future.

Find Out More Ways to Raise Credit Score at Connors Chrysler Dodge Jeep Ram

Still wondering, “how to boost my credit score?” Would you like some truly personal advice from our finance experts? Get in touch with our finance center at Connors Chrysler Dodge Jeep Ram. Our team can also help you learn more about our models with guides on the Chrysler Pacifica cargo space and more! We’ll help ensure that you’re ready to buy or lease a new Chrysler, Dodge, Jeep, or RAM with a deal that works for your lifestyle and budget.

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