Increase Your Credit Score

The most important factor when it comes to getting your auto loan is your credit score. If your credit score is not as high as it should be, you'll end up paying for it through much higher interest rates. That's why it's important to bring up your score as much as possible before you ever request refinancing on your loan. Here are some helpful tips to quickly help bring up your score:

• In order to improve your credit score, you need to know your score! You should be able to pull up your score for free online through several different services, which will also display information like how many credit cards you have in your name and the amount of debt they've accumulated.
• Pay down your credit cards. While paying down mortgages and auto loans can help your score, paying off your credit cards helps even more. Try to bring your credit card balances below 30% of their credit limits.
• Don't forget about your old cards. A significant part of your credit score is about your credit history. In most cases, the longer your history, the better. So don't let your old cards that you've had for years get closed, especially if you've shown yourself to be financially responsible with them.
• Unless you have very few credit cards to begin with, you probably shouldn't request anymore. By simply requesting a new credit card, you'll take a small hit on your credit score. Also, creditors like to see a long credit history and a new card will shorten your history.
• Some people might tell you to ask your creditors to lower your credit balance. This may be a good idea if you have difficulty controlling your spending, however, it will also decrease the gap between your balances and credit limit.

If you have any questions, please visit our Frequently Asked Questions page.

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