What HURTS Your Credit Score?
- Missing payments – regardless of the amounts. It takes 24 months to restore credit with one late payment
- Credit cards at capacity (or maxed out)
- Shopping credit excessively
- Opening numerous trades in a short period of time
- Having more revolving loans in relation to installment loans
- Having access to too much available credit
- Borrowing from finance companies
What HELPS Your Credit Score
- Pay down the balance on credit cards
- Continue to make payments on time (older late payments become less significant with time)
- Slow down on opening new credit accounts
- Acquire a solid credit history with years of experience
- Moving revolving debt (credit cards) to installment debt (fixed term loans)
It’s never too late to start improving your credit! AutoTrek Consultants have tools to help you get started and achieve your next vehicle purchase.