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What are some ways I can improve my credit score?
You have come to terms with the fact that your credit score is low and you know that you have some limitations. You want to get your car and have found the dealership and sub-prime lender that you feel comfortable with and it’s now time to go ahead with your car loan. You test drive the car, check the history of the vehicle and come to an agreement on your loan, interest and monthly payment. Next, you pick up your car and you are off. So, what next? You know your interest rate is high and that it can drop once your credit improves but where do you start? Here are a few things that you can do to improve your score and get yourself into a position to re-negotiate that rate.
First, and most importantly you need to pay your bills on time. If you have a credit card or gas card or anything else, you need to understand the importance of paying your debt on time. Don’t just focus on paying your car loan on time. Make sure that your phone bill and other bills are also taken care of. Late or outstanding payments and collections have a very negative effect on your credit score. The better you are at paying your bills on time, the better your score will get. If you have collections right now, understand that even when you pay them off they may stay on your record for a while. Try and avoid bill collections if possible. If you are having trouble making the monthly payments, try and work out an alternative payment plan with them. Keep your revolving credit balances low too. If you have credit cards, try to pay them off at the end of each month or keep the balance low. A high balance affects your score negatively.
Some people think that they should just close out their unused cards to help their credit score. You are often better to keep a low balance card and make regular payments on it. Also limit the credit that you have. If you have a short or new credit history, don’t get a lot of new credit cards or open any accounts in a short period of time. This will lower your score as well. When looking for credit, have a game plan in mind. Don’t go on impulse either. Don’t just apply for any offer that comes your way. Think of the repercussions of credit and make sure you can manage what you have. A huge part of helping your credit is to manage it responsibly. Don’t avoid opening your mail because you have bills but rather manage each bill responsibly. This goes back to making your payments on time and it’s important to know when your payments come out. Write them down on a calendar or put them in your smart phone etc. Your recovery really comes down to borrowing within your means and staying on top of your debt.
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