If you are interested in financing your next car, you may want to raise your credit score first for more favorable loan terms. Here, our Ford finance team at Helfman Ford goes over some credit tips.
Contact Your Creditors
If you are behind in payments or in danger of falling behind, be proactive by contacting the creditor directly. Most creditors are more than willing to work with you to determine a solution for your specific circumstance.
Bring Your Payments Up to Date
Missed payments show up unfavorably on your credit report, which can decrease your score significantly. Getting your payments back on track will show you are responsible and have integrity, which can only increase your score.
Set Up Payment Reminders
Set up reminders to alert you of upcoming due dates for your bills. Make a point of paying bills early if possible, but always by the due date.
Create a Budget
Develop a realistic budget and work toward paying down or paying off any outstanding balances.
Lower Your Credit Utilization
Although it can be tempting to take advantage of a higher credit limit, aim to keep your credit utilization ratio under 30 percent.
Monitor Your Credit Report and Limit Applications
Check your credit report often to ensure accuracy. If something looks off to you, contact the proper agency immediately to resolve the discrepancy. Additionally, it can be useful to limit your credit applications. Multiple inquiries can indicate a higher risk of extending credit and lowering your score.
Talk to Our Ford Finance Team to Learn More
Improving your credit score takes time and patience. The experienced financial advisors at Helfman Ford can help you understand the importance of your creditworthiness and help you apply for Ford financing today.
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