A strong credit score is one of the keys to unlocking the best interest rates and terms when you start your Chevy financing plan at Randy Wise Chevrolet. Before visiting our dealership to start the financing process, our finance team recommends taking a few proactive steps to improve your credit score, as this can make a difference in your monthly payment and total cost. Here are some tips to help you raise your credit score.
Pay Every Bill on Time
The single most important factor in your credit score is paying your bills on time, without fail. Your payment history demonstrates your reliability as a borrower. If you need help, set up automatic payments or reminders for all your bills, from credit cards to utilities, to ensure that you never miss a due date. A consistent record of on-time payments is the best way to build up your credit profile.
Check Your Credit Report for Errors
Mistakes can happen, and errors on your credit report can unfairly lower your score. You are legally entitled to a free copy of your credit report from each of the three major bureaus annually, so review it carefully for any accounts that you don’t recognize or incorrect late payment information. Dispute any inaccuracies.
Lower Your Credit Utilization
Another factor in your credit score is your credit utilization ratio. This is the amount of revolving credit that you’re using compared to your total credit limits. For instance, if you have a credit card with a $1,000 balance and a $5,000 limit, your utilization is 20 percent. Aim to keep this ratio as low as possible — 30% is recommended — as high utilization can negatively impact your score.
Apply for Chevy Financing in Flint, MI
Here at Randy Wise Chevrolet, our finance experts are ready to find you a financing solution that works for your individual needs. Visit us today to get the ball rolling on Chevy financing!
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