Improving Your Credit Score

Local New and Used Toyota Sienna St. Louis dealerIf you have been following our previous posts, then you should have a good idea how your credit score is generated.  In detailing that information, we also provided a few tips on how to increase your score, but we will get more into that in this article and then next few to follow.  If you have a low credit score, it is not the end of the world, but it is time to make some changes to increase it so you can be where you feel most comfortable in your buying power.  According to MSN Money, there are nine simple steps you can take.  We will start talking about each of those here.

1. “Get a credit card if you don’t have one”: You may be thinking this is a crazy idea…but remember, the length of your credit history makes up about 15% of your overall score.  Now, we aren’t suggesting that you go crazy racking up credit card bills.  We are suggesting that if you don’t have any outstanding credit, then the nature of the score means yours will be lower.  Consider getting a credit card for paying for things like fuel and then paying it off each month.  This will get you in good standing with payment history and will show lenders that you are willing to do what you agree to do when borrowing money.

2. “Add an installment loan to the mix”: MSN Money says this is the fastest way to improve your score and will quickly show that you are “responsible with both major kinds of credit: revolving (credit cards) and installment (personal loans, auto, mortgages and student loans).

Your local new and used Toyota Sienna St. Louis dealer can help you get in a minivan of your choice with credit help.  Contact us today.


Location: 11771 Tesson Ferry Road, Saint Louis, MO 63128, USA

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