Rebuilding Your Credit

So you have poor credit and you want to know how to rebuild it? There are no quick fixes in rebuilding your credit but it is possible to rebuild your credit. It will just take time and a little budgeting.

Credit ratings are based on a number of factors: whether or not you pay bills on time, the amount of debt you have, whether or not you have debt in default, how much credit you have available and the age of your accounts.

In order to improve your credit rating, you should begin by making at least the minimum payments on each of your pre-existing loans. As you pay off your loans, try to keep your credit balances as low as possible. Avoid taking on too much debt. If you don’t have any loans, then it will be easier to build up your credit.

Only open new credit accounts when needed. Yes, the need for a new or used car is a good reason to open a new credit account – provided you’re not collecting cars you cannot afford. Purchasing big items like a car or a home and making payments on these types of loans on time will dramatically increase your credit rating.

If you have any questions regarding your current credit rating or available auto loans at Covert Chevrolet Buick GMC, reach out to our finance team.

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