Before fully embarking on your car-buying journey, we recommend visiting our Chevy financing team to get pre-approved. This will give you an idea of which loans you’re eligible for, the interest, terms and conditions, and more. In turn, this will help you establish a budget and know which Chevy models are within your range. If your credit score isn’t as high as it can be, Charles Clark Chevrolet recommends spending time to elevate the score. Here’s how.
Watch Your Credit Utilization Rate
The credit utilization rate is the amount you owe on your credit card in relation to its credit limit. As a general rule, do not let the credit utilization exceed 30 percent on any credit card.
Request a Credit Limit Increase
The higher the credit limit, the more you can spend on your credit card before hitting the 30 percent ceiling. This is a useful tactic if you use your card for everyday spending like groceries and gasoline.
Limit the Number of Credit Applications
When you apply for pre-approval at our dealership, a hard credit pull will be done. This can have a slight negative impact on your credit score, but it’s temporary. However, multiple hard credit pulls within a short timeframe can have a greater detrimental impact. Avoid applying for other loans or opening new credit lines that requires a credit pull.
Use Multiple Credit Types
If you have multiple credit cards, use them. Just keep the credit utilization of each below 30 percent. Having multiple existing loans like a mortgage and student loans help raise your score as well if always paid on time.
Apply for Chevy Financing in McAllen, TX
Unless you urgently need a new vehicle, we highly recommend investing at least three months to get your credit score up before purchasing a car. The dealers at Charles Clark Chevrolet will walk you through the process step-by-step.
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