Your credit score can be a major factor when financing a new car. But don’t be discouraged if yours isn’t where you want it to be. Our Lexus finance experts at Lexus of Orange Park have a few tips to help.
Check Your Credit Report
Requesting a free annual credit report online is an important first step to raising your credit score. You need to see where any issues stem from and what could impact your score most. Plus, it’s important to look for discrepancies and dispute them.
Pay Down Your Credit Card Balances
Utilization is an important factor in your score. Keeping your utilization under 30 percent is ideal. If paying that much isn’t realistic, you may consider requesting a credit line increase or even applying for an additional card to immediately increase your utilization.
Straighten Up Your Collections
If you have accounts in collections, they could be seriously hurting your score. Reach out to the collector and see what you could do to get yourself in good standing again. Keep in mind, collections could still stay on your credit report after you pay them, so it’s important to ask the collection agency to remove them.
Get Credit for Your Rent and Utilities
Did you know, using a rent-reporting service such as Experian Boost can help improve your score? The service links to your bank account and scans for any number of items including rent payments, utility payments, streaming services, and more. This can help improve your payment history and consistent payments help too.
Get Lexus Financing Guidance in Jacksonville, FL
Keep in mind, even if you’re concerned about your credit score, we still have options available for you. Visit us at Lexus of Orange Park near Jacksonville to discuss your financing options and get approved with our team. Let’s get started today!