You may have heard that having a high credit score can help you get the best rates for a vehicle loan. There are a lot of things to take into account with the Volvo finance process, but if you are looking to improve your credit score, there are a few tips to keep in mind. Trust the experts at Fields Volvo Cars Northfield to help.
Two Ways to Raise Your Credit Score Fast
- Pay Off Balances
If you have an active balance from a creditor, it’s best to pay more than the minimum amount per month. If you’re able to pay down the balance or even eliminate the balance, your creditor might even update the credit bureaus within days. If you opt for this route, check with your credit card company to see how frequently they report to the credit bureaus.
- Ask for a Credit Limit Increase
You may be able to contact your creditor and ask for an increase in your limit. As long as you keep your balance the same or lower, this can reflect positively in your report. This method shows the credit bureau that your debt-to-limit ratio is wider than if it had been left as is.
Can You Improve Your Credit Score by Leasing a Car?
Lease payments are reported to the credit bureau, which means leasing a car is a great way of improving and building your credit score. By keeping with your monthly payments, you can build your credit score easily while also having the car you want. It’s a win-win!
Learn More at Fields Volvo Cars Northfield
If you are interested in a Volvo lease or even just seeing what financing options are available to you, stop by our Chicago-area Volvo dealership to chat with our friendly and accommodating staff.