Credit can be hard to understand, after all we don’t learn about in school. This confusion is often made worse by common misconceptions you hear from well meaning friends and family. VIDrives is a dedicated team of credit, financing and vehicle specialists that are here to help you understand, navigate and improve your credit– Read on for our guide to the top 6 Credit Myths. Myth #1: Checking...
Credit can be confusing, at VIDrives it is our goal to help our customers to empower our customers with information and the tools to improve their credit- while driving an amazing vehicle.
Here are some quick tips to help you increase your credit score on your own!
Get a product of credit
The only way to build up a credit score is to prove to lenders that you’re responsible and capable of paying back credit is to make sure you’re actively using a product of credit. This can be a credit card, line of credit, car payment, or a secured credit builder loan to name a few.
Keep your credit utilization around 30%
Being mindful about the amount of your credit utilized is the fastest way to improve your credit-
Your Credit Utilization Ratio makes up 30% of your Credit Score. Credit utilization ratio is the percent of your revolving credit that you have used on your credit card or line of credit. A maxed-out credit card would have credit utilization of 100%.
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