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While it’s just a number, a credit score can have a big impact on an auto loan, especially if the number isn’t great. If you’re concerned about your credit score, we can help. Our BMW finance team at Fields BMW Orlando are sharing a few tips to help you raise your credit score.
Be Consistent
Payment history is one of the most important factors when it comes to your credit score. Now, more than ever, it’s crucial to make your payments on time. If you have delinquent or derogatory accounts, do everything you can to get them back in good standing, even if that means setting up a payment plan.
Ask for Forgiveness
If it’s been awhile since you’ve made a late payment, or you’ve had a one-time slip-up, consider reaching out to the lender. Sometimes, a lender is willing to remove a late payment if they receive a goodwill letter. You’ll want to explain what happened, as well as emphasize how you’ve been consistent since.
Lower Your Utilization
Your credit utilization is also a big factor. If possible, you should keep your credit utilization ratio under 30 percent. If you can, pay down your cards or consider asking for a credit line increase, which can quickly reduce your utilization. You may also want to consider reaching out to a close friend or loved one to see if you could be added as an authorized user to one of their cards.
Apply for BMW Financing in Orlando, FL
With our network of trusted lenders, we’re confident we can help you secure an auto loan, even if you aren’t confident about your credit score. Plus, we’ll help you find a loan with terms that work for you. Visit Fields BMW Orlando to apply for BMW financing today!