When you start the BMW finance process, your credit score will be taken into account, and the higher it is, the better. But don’t let bad credit stand in the way of your dream car! Here are some ways to work on raising your credit score, courtesy of Fields BMW Northfield.
Review Past Credit Reports
The first step to raising your credit score involves looking through past credit reports to take stock of your credit usage. This can help you understand how your credit works and identify areas for improvement, but it’s also important to check for discrepancies. If you notice any errors or evidence of fraud, you need to report them right away to avoid a negative impact on your credit score.
Don’t Miss Payments
If you’re serious about raising your credit score, making timely payments is vital. This is another reason reviewing your credit reports is so important: you need to scan for late or outstanding payments so you can pay them immediately. Even paying the minimum can go a long way. To make this easier, consider setting up automatic payments on your accounts.
Limit Credit Card Usage
Ideally, you should be using less than 30% of your credit limit. This might require you to look for ways to reduce spending, but if it still seems unrealistic, you can contact your credit card company to request a limit increase.
Consider a Secured Card
Secured cards are simply credit cards that require a deposit upfront, typically equivalent to the credit limit. If you use them responsibly and make payments reliably, they can be a great tool for rebuilding credit or starting from scratch.
Get BMW Finance Tips in Northfield, IL
At Fields BMW Northfield, our first priority is getting you behind the wheel of the luxury BMW vehicle you deserve. That’s why our Finance Center is committed to working with you to find BMW finance terms that work for you. Visit us today to learn how we can help!