Check Your Credit Report & Fix Any Errors

First things first, you want to find out the current status of your credit. This will help you get an understanding of how much improvement needs to be made. Gathering this information is easier than ever, thanks to credit bureaus such as TransUnion, Experian and Equifax. You can easily request a free copy of your credit report from any of these trustworthy establishments. The score you receive may be negatively impacted by some errors that appear in the reports you’ll receive — these will have to be disputed individually if you decide to do so.

Not sure what’s considered a “good” credit score? Many lenders tend to use a VantageScore 3.0 and FICO® Score 8 to get accurate information. Typically, credit scores can range between 300-850. The lower end of this scale is considered poor and the higher means a good credit score. Overall, your main goal should be to get your score as high as you possibly can.

Make Payments on Time

One of the most effective ways to enhance your credit score is to always make payments in a timely manner. In fact, 35 percent of your score is impacted by your payment history, so it’s vital that you maintain consistent payments whenever possible. To stay on top of this, simply set up automatic payments or set reminders for yourself so that you never have to worry about late payments again!

Stay Below Your Credit Limit

Another crucial factor to consider when you’re trying to improve your credit score is how much of the spending limit you’re using. This is so impactful since 30 percent of your credit score is determined by credit utilization. This is why people with great credit scores tend to use less than 30 percent of their available credit — try your best to stay in this range!

Be Patient

Probably one of the hardest parts of this process is the waiting game — sometimes this is all you can really do! Once you’ve put in all the effort you can to improve your credit score (completing on time payments, fixing errors, staying below your limit, etc.), there’s really nothing else you can do besides be patient. Once you notice a positive trajectory trending, you’ll be ready to get pre-approved for financing! Our finance team is excited to help you get behind the wheel of your dream ride.