How to Get a Better Credit Score

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Your credit score is key to saving you money on your auto loan and your home mortgage. A higher credit score will get you lower interest rates on your loans, which directly results in lower monthly payments and less interest paid over the life of the loans. If you’re searching for advice on “how to boost my credit score” so you can experience the benefits of lower interest rates, please take a moment to review our tips to increase a credit score, courtesy of Clint Newell Chevrolet in Roseburg!

Benefits of Raising Your Credit Score

If you have an existing car loan in Sutherlin, boosting your credit score can help you save money on that loan. By increasing your credit score, on average, you can qualify for a better, refinanced loan that can reduce your interest rate by 2.4%. That might not seem like much, but for a $32,000 vehicle with an average loan term of 68 months, that adds up to over $2,300 in savings over the life of the loan. Ready to start saving? Here’s how to get started.

7 Ways to Raise a Credit Score

  1. Review your credit report: Raising your credit score can be as simple as correcting an error on your credit report. Look over your report thoroughly and dispute any errors.
  2. Automate your payments: Since payment history accounts for 35% of your credit score, making on-time payments is key to a higher score. Set up as many of your accounts as you can for auto-bill-pay.
  3. Set up payment reminders: For the remaining accounts you can’t pay automatically, set a monthly reminder on your phone. Consistency is the name of the game, and a steady payment record can boost your score in 3-6 months.
  4. Make more than one payment in a billing cycle: If you can swing an extra payment to your creditors, this will lower your overall credit utilization, which can increase your credit score.
  5. Don’t close out old accounts: The length of your credit history makes up 15% of your credit score. If you inadvertently close your oldest account, you could take years off your credit history and damage your score.
  6. Watch your debt ratio: Make sure you’re not using more than 30% of your available credit. Credit utilization makes up 30% of your credit score, so it’s important to keep an eye on how much credit you’re using.
  7. Contact your creditors: If you can’t afford your payments, contact our creditors to set up a new payment plan. This is much better than missing payments.

Learn More Tips to Increase a Credit Score at Clint Newell Chevrolet!

To learn more about your credit score and how it can help you get a lower interest rate in the Eugene or Cottage Grove area, feel free to reach out to the financing team at Clint Newell Chevrolet. You can also get pre-approved by applying for financing online. Have questions about vehicle specials and availability in the Roseburg area? Feel free to contact us at your convenience to discover our new vehicle specials and explore our new and used vehicle inventory.

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