IMPROVING YOUR CREDIT SCORE

Sometimes, bad things happen to good people. We all make mistakes, forget about a bill or simply hit hard times. We want to help you get back on track. That's why Kenny Ross created this short guide to help you get started on the path to better credit.
1: GET YOUR 3 MAIN CREDIT REPORTS
There are 3 credit bureaus you need to be aware of: TransUnion, Experian and Equifax. Once a year, you are entitled to a FREE credit report from each bureau. This is your first step to improving your credit because these 3 reports will show you all your lines of credit, active and inactive. This will let you to see who how much money you owe and to whom - and that's the first step to getting back into the black.There are 3 credit bureaus you need to be aware of: TransUnionExperian and Equifax

2: LEARN THE DIFFERENCE BETWEEN GOOD AND BAD CREDIT
You earn good credit, as in your FICO score gets higher, by paying back the money you owe within the agreed upon time. You read that right, borrowing money is good for your credit score, just as long as you pay it back on time.

3: PAY OFF OUTSTANDING DEBTS
Some bills that can negatively affect your credit score, like medical bills, can sometimes go unnoticed - A $25 copay here, a $100 ER visit there. But remember, the size of the debt is less important than the status of the debt.Once you've received your credit reports, start eliminating any outstanding debts that you can. For larger debts that you can't immediately pay-off, call the creditor and set up a payment plan to get that particular line of credit back on track.While you're going through your reports, be sure to check the debt's validity. If you see a debt that you don't think you incurred, call the creditor and protect yourself from identity theft, contesting any line of credit that was opened illegally.

4: KEEP CREDIT CARD BALANCES LOW
Another big factor in your credit score is the ratio of how much revolving credit you have VS how much you use. If your credit limit is $1000 and you consistently have a balance of $900, it may indicate to lenders that you can't handle more debt. A good rule of thumb: Keep your credit card balance below 30%.

5: PAY BILLS ON TIME
This might seem like a no-brainer, but it can't be overlooked. Paying your bills on time, as agreed upon, is the best way to improve your credit. Use a calendar to keep track of when payments are due. If available, sign up for automatic payments through your bank or lender to ensure that you're never late.At Kenny Ross Chevy Buick GMC, our team of finance experts are here to help make sure you get the best rates and terms possible - just stop by and say hello. Or, you can fill out our online application from the comfort of your own home right here.
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