What To Do To Improve Your Credit Score?
If you do have a low credit score (deemed to be anything lower than 650) all is not lost. You can improve your score and secure lower interest rates when looking to secure financing. While it is important to note that improving your score will not occur overnight your score will improve over time.
Provided that you do some or all of the following:
- Resolve any outstanding collections and judgments (contact the creditor and make arrangements that will allow you to retire the debt)
- Bring any past due accounts up to date (slow repayment and accounts currently derogatory factor heavily in your credit score)
- Reduce any credit card or line of credit debt (credit scores decrease as you utilize more of your available credit i.e. owing $900 on a credit card or line of credit with a $1000 limit is credit utilization of 90% and will negatively impact your score even though your account is being paid as agreed)
- Reduce your credit enquiries (frequent credit enquires will reduce your credit score)
- Consistently maintain your payment obligations
If you are unsure of your credit rating you can have a FREE NO OBLIGATION Credit Evaluation completed by one of our team members.
If you have any further questions you can visit us in person at any of our Crown Auto Dealerships, call us at 1-877-346-8082 or visit us online at www.crowncredit.ca and click the FREE CREDIT EVALUATION link.