When making a large purchase, lenders consider many factors. One of the most important factors is your credit score. Here are some GMC financing tips from Blaise Alexander GMC of Hazleton to help you improve your score.
Monitor Your Credit Report
Be sure to check your credit report periodically to detect any discrepancies quickly. Being aware is the first step in resolving any inaccuracies. Mistakes happen, whether it is due to human error, a scam, or identity thieves working overtime. Monitor your credit report by checking in with all three credit reporting agencies which include: Equifax, Experian, and TransUnion. Take advantage of the free annual credit report offered via the Fair Credit Reporting Act.
Review Your Current Income and Debt
Keeping track of what your income is vs what debt you have every month can help you stay within an acceptable debt-to-income ratio. A good rule is to stay under 30% of your available credit. Too many credit cards can impact your score negatively as can the number of cards with balances.
Credit Inquiries and Account Age
Too many credit inquiries are a red flag to lenders. Try to keep your applications to a minimum by applying to only the necessary lender(s) to obtain approval. A new credit card or loan is a good way to raise your credit score once you establish a pattern of on-time payments. However, be aware that hard credit inquiries impact your score for about a year. Use discretion when choosing where to apply. Lenders look at the longevity of your credit relationships as well, so the longer, the better.
Explore GMC Financing Options in Hazle Township, PA
Are you ready for a new SUV or pickup truck? Explore GMC financing options at our Hazle Township, PA GMC dealership. Making an informed decision can positively impact your credit score. Don’t delay — stop by for a test drive today!
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