Hyundai Motor Finance Tips: How to Raise Your Credit Score

Our Hyundai Motor Finance department has years of experience assisting car buyers in the car acquisition process. One of our most common recommendations is to spend time elevating your credit score if it’s less than ideal. This isn’t difficult to do but does take some time. Here are some effective measures to get your FICO credit score up.

Keep Credit Utilization Low

Credit utilization is the amount of money spent on the card. A general rule is to keep your credit utilization below 30%. It’s even better if you can keep it in the single-digit percentage range. If you frequently use credit cards, it helps to have multiple credit cards and distribute spending between cards.

Increase Your Credit Limit

Contact your bank and request a credit limit raise. If you raise the limit without increasing your spending, then this naturally lowers your credit utilization. Financial institutions, though, may require certain prerequisites, such as proof of an increase in income before approving your request.

Be an Authorized User

Become an authorized user of a family member who also has a good credit standing. This allows you to use that person’s credit to get approved. You don’t have to use the primary holder’s card or even have access to the card number to gradually get a credit boost, but if you miss payments, it can hurt your cosigner’s credit.

Use a Secured Credit Card

Apply and use a secured credit card. This is a card where you put in a cash deposit; in the event you fail to make a payment, money will be drawn from the deposit as payment. This prevents late payments from being reported and is a great starting point for raising your credit score

Get Auto Financing Assistance from Blaise Alexander Hyundai of State College, PA

Once your credit score is on point, browse our inventory at Blaise Alexander Hyundai of State College. Once you’ve selected a model, our finance center can assist you in the next step. This includes making an offer for a Hyundai trade-in if selling your vehicle to our dealership.

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