How to Get a Better Credit Score

If you’re sick of high-interest rates and low acceptance rates, learning how to get a better credit score can help you achieve your financial goals. But, what are the best ways to raise a credit score? The team at Val Ward Cadillac is here to coach you through the process, so you can get one step closer to your next vehicle. Read our top tips to increase your credit score, and get more financial information in Fort Myers today!

Ways to Raise Credit Score

Not sure how to boost my credit score in Cape Coral or Naples? Here’s a basic checklist of steps to follow, so you can assess your credit situation and create a smarter path forward:

• Establish Credit Score: Check your credit score with all three major credit bureaus—Experian, Equifax, and TransUnion—to see how your scores compare.
• Assess Your Debts: What debts do you currently owe? If your debt levels are low but your score still isn’t where you’d like it to be, you might have a higher debt-to-income ratio or too many credit cards open with balances. Try to keep your credit card balances below 30% of your limit and close out any unnecessary cards.
• Create a Payment Plan: You can focus on eliminating the smallest debts first, or try to pay off your debts with the highest interest rates first. Either way, slowly chipping away at your debts will have a huge impact on your credit score.
• Establish Credit: Maybe your low credit score isn’t due to poor credit history, but no history at all. If that’s the case, consider options like applying for a secured credit card or getting a co-signer.
• Apply Strategically: When you do decide to apply for your loan, you’ll probably apply broadly. Make sure that all new applications fall within a 14-day window to prevent dings against your credit score.

What Credit Score Does Cadillac Require?

Now you’re armed with the top tips to increase a credit score, but what is your goal? Usually, customers have a credit score of 700 or above when securing a brand-new car. But, that’s not a minimum. Whether you want a lease or a loan, our finance team can work with you to find sensible solutions for your next purchase. Those with lower credit scores tend to have higher interest rates, but you can play with larger down payments or shorter loan terms to reduce your total costs.

Find More Ways to Raise Credit Score at Val Ward Cadillac

We’ve gone through different ways to raise a credit score in Bonita Springs, but we’d love to discuss options for your unique financial situation at Val Ward Cadillac. Feel free to contact us with any quick questions, or visit our finance department in Fort Myers to chat in person. We’d be happy to help you find the best ways to raise your credit score, so you can get into that Cadillac of your dreams!