Tips to Improve Credit Score


When you find a new car that you love, you want to be able to get behind the wheel and take it on the road for your own. In order to make this easier, you may want to look at ways to improve your credit score to get an auto loan.

At Watermark Toyota of Madisonville, we have a finance team that is here to help you get the auto loan you need to drive a new car near Madisonville, Owensboro, and Henderson, KY. On this page, you can find some tips on how you can improve your credit score.

How Your Credit Score is Calculated

Before you can improve your credit score, you should know what goes into determining your credit score and how it is calculated. Your credit score shows how dependable you are when applying for a line of credit or a loan. When you apply for an auto loan or any other big purchase you make, you can get approved more easily if you have a higher credit score.

Your credit score is based off your credit history. This includes the number of accounts you have open, how much debt you have, and your repayment history. When your credit score is calculated, it will read between 300 and 850. There are several ways to improve your credit score if you are in need of some assistance.

How to Improve Your Credit Score

No matter where you are on the credit score scale, there are ways that you can improve your credit score before you apply for a loan for a new car. You can always visit our finance center and work with a finance professional to get some advice on financial matters or have questions answered.

In the meantime, you can improve your credit score by doing the following:

Check Your Credit Report

Before you can improve your credit score, you need to know your credit score. There are ways to get a vehicle without having a substantial credit score, but it’s best to know your credit score going in and where it stands. In addition to getting your score, you may also get a report that addresses some areas where you can improve.

Once you know these areas of improvement, you can actually take the steps to make the improvements and get your credit score closer to where you want it to be.

Paying Bills on Time

Payment history is an important factor in determining your credit score. You can make some immediate improvements right away by getting your bills under control, paying off outstanding payments, and then paying any upcoming bills on time.

One way you can do this is to set up automatic payments for a lot of your bills so that you never miss a due date. You can also program any due dates into your phone or calendar so you can always stay on top of any upcoming payments.

Pay Off Pre-Existing Debt

Before you apply for an auto loan, you need to make sure you reduce your existing credit card debt. By lowering your credit utilization ratio, which measures how much available credit is on your credit card compared to how much is being used, you can make the improvements on your credit score as a whole.

Increase Your Credit Limit

You can also improve your score by raising your credit limit. If you have a credit card limit of $1,000, you should be consistently in the range of $600 to $800 each month when you receive your bill. If you are reaching your limit regularly and are still able to pay off your bill at the end of the month, it may be a sign that you need to raise your credit limit.

Improve Your Credit Score Today

These tips to improve your credit score are designed to help you get on the path to an improved credit score before you apply for your next auto loan. At Watermark Toyota of Madisonville, we want to help get you on the road in the right vehicle near Madisonville, Owensboro, and Henderson, KY. Contact our finance team to learn more.

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