MINI Finance Tips: How to Raise Your Credit Score

Are you ready to purchase a new vehicle but concerned about your credit score? A good credit score can be a valuable asset when applying for an auto loan. If you’re trying to raise your score, our MINI finance experts at MINI of Bedford have a few tips to help.

Check Your Credit Report

Before you can raise your credit score, it’s important to determine what’s dragging it down. There are six main factors that contribute to your score:

• Payment history
• Credit utilization
• Age of credit
• Negative marks
• Available credit
• Inquiries

Pay Down Your Credit Card Balances

As you can see, your credit card balances affect your score in two ways – how much you are using and how much you have available. So, by paying down your cards, you can see a major improvement in your score. You may want to also consider requesting a credit line increase, which can raise your available credit instantly.

Become an Authorized User

Do you have a trusted friend or family member with excellent credit? If they’re willing to help you out, request to be added as an authorized user on one of their cards. This adds their available credit (and excellent payment history) to your score.

Settle Your Collections

If you can, try to settle any accounts that you have in collections. Keep in mind that paying off a debt won’t remove it from your credit report. You’ll have to ask the company for a goodwill deletion in exchange for paying off your outstanding debt.

Apply for MINI Financing at Our Bedford, NH Dealership Today

While a good credit score is beneficial, a bad score isn’t always a dealbreaker. We have options for you. Stop by MINI of Bedford to chat with our financial experts today!

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