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Before you apply for a Hyundai financing plan, you may want to increase your credit score. By making prompt payments, diversifying your credit portfolio, and avoiding opening new accounts, you can improve your credit report over time. As part of our Hyundai Financing Tips series, Jenkins Hyundai of Jacksonville has three tips for raising your credit score.
Paying on Time
The best way to improve your credit report is to pay your bills and loan statements on time. That tells credit bureaus that you’re a responsible borrower, which keeps your credit score high. If you have any outstanding payments, settle them as soon as possible to avoid any negative marks on your credit report. And if there are any demerits on your report that you know are false or have already been settled, contact the credit bureau to modify your report.
Managing Multiple Accounts
A diverse, properly managed credit report often leads to a solid credit score. Financial institutions prefer borrowers who can effectively manage both loans and credit cards simultaneously, as this is a sign of responsible borrowing. This means having multiple accounts, paying them on time, and limiting usage to prevent any negative marks for frequent borrowing.
Avoiding Major Purchases
Adding a major account to your credit report or making a huge purchase usually puts a temporary mark on your credit report that lowers your score. If you’re saving money for a Hyundai car, it’s best to save other major purchases for later, if possible. That way, you can keep your credit score high when it comes time to buy the vehicle.
Get Hyundai Financing Advice in Jacksonville, FL
Want to learn more about raising your credit score for Hyundai financing? Contact Jenkins Hyundai of Jacksonville today to book an appointment with our financing experts.
