Clean Up Your Credit - Save a Bundle!
I've gotten really interested in interest.
I think of the money I pay in interest as the silent killer of my bank account.
The longer I work in the car business, the more important I think it is to finance the car correctly. Everyone loves a screamin' deal, but not enough people spend the time planning and financing correctly.
And it all starts with your credit score. Here's how to improve your credit score and save money on interest.
By improving your credit score by 30 points, you could cut your finance charge by $105 a year. And that's $105 you can put toward paying off your car loan or other debits.
The Consumer Federation of America along with Washington Mutual Bank recommended these steps to cleaning up your credit:
- Pay your bills on time every month (Obvious but, hey, it works!)
- Don't max out your plastic and don't push the limit.
- Pay off your debit rather than just moving it from one credit card to another.
- Check your credit score regularly and take care of problems.
Remember, you get one free credit check a once a year from www.annualcreditreport.com.
- Posted by
- Philip Reed July 21, 2008, 3:10 AM
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- Auto Finance, Credit, Credit Report
Also, with the free report at the link above, you don't need to get all three reports (one from each credit bureau) at the same time. I get each one 4 months apart. That way I get my credit checked 3 times per year instead of once.
Good idea, drinkduff77.