Credit Tips

Credit Score Tips for Buying a Car
Having good credit can be very helpful for all kinds of purchases, including cars. Here are some practical tips to help build and maintain the best credit record that you can.

Apply for credit
To begin building credit, try applying for a secured credit card. Many major banks offer secured credit cards. Usually the bank will require that you pay a deposit equal to the card's credit limit. Using the card then helps you build credit. You could also apply for a small loan from a local bank or credit union.

Open checking and savings accounts
Many lenders view bank accounts as signs of financial stability and consistent savings behavior.

Get a copy of your credit report
Most lenders base their lending decisions on creditworthiness. Obtaining and reviewing a copy of your credit report can help you understand how you measure up to a lender's standards. Visit Annual Credit Report to receive free copies of your credit report every year.

Correct any errors or omissions on your credit report
Some credit reports include errors or out-of-date information. If you find errors on your credit report, contact the credit reporting agencies or the creditor directly to ask for a review. Contact information for the credit reporting agencies is found below.

Make timely payments
Making timely payments is one of the best ways to establish yourself as a good credit risk to future lenders.

Use your credit wisely
Once you have credit, use it wisely. Charge small amounts on each card, and don't max out your credit cards.

Credit Reporting Agencies
Equifax: 800-685-1111
Experian: 888-397-3742
Trans Union: 800-888-4213
Innovis: 800-540-2505