3 Important Tips to Help Rebuild Your Credit

It’s the holiday season and people all over the Durham region are making lists of gifts they’d love to receive. It may not be the pony you were hoping for, but for the holiday season we put together a list of tips on how to rebuild your credit score. So, if your credit rating isn’t great, read along for some professional advice and start rebuilding your credit rating today. And,remember, you can always reach out to our finance team for free finance advice. Happy Holidays!


Cut the Cards

Credit cards may come in handy from time-to-time, but if you don’t pay off your balance they will take a toll on your credit rating. Try to make more than the minimum payment each month, because the closer you are to your limit, the more of an effect it will have on your credit rating. Credit cards can be helpful, so if you’re going to have one remember to keep it paid off or as close to zero balance as possible.


Unpaid Collections

Your credit score can be negatively affected if you have any unpaid bills that have gone to a collection agency. Many of these bills can be small, seemingly inconsequential things like parking tickets, speeding tickets, or old utility bills you simply forgot about. You can get a copy of your credit report from Equifax, Transunion, or the Office of Consumer Affairs to find out what outstanding bills are affecting your credit score.



Limit Credit Applications

While you’re not penalized for requesting your own credit info, that’s not the case when third parties request your credit information. So, if you’re applying for credit at multiple stores, or dealerships, each time one of those third parties requests your credit information it can have a negative impact on your credit rating.


“The 10% discount for signing up for a store credit card may
seem worth it in the moment, but your credit score will take
a hit for applying, whether you get approved or not.”
- Credit.com


Our finance team can help you rebuild your credit and drive away in a reliable, high-quality used vehicle. If your credit score needs a little work, we can help—contact us today.

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