How To Improve Your Credit Score When Car Lease Shopping

How To Improve Your Credit Score When Car Lease Shopping

The difficult part about your credit score isn’t necessarily maintaining the score itself; it’s bringing it back up when it drops. Unfortunately, this is something that many people have fallen victim to. We all know the importance of having a solid credit score: qualifying for a new vehicle lease, low interest rates on loans and credit cards or even the ability to improve your chances at landing the right job.

Following these tips could help increase your score and improve your chances for a successful car lease assumption.

Review Your Credit For Inaccuracies. Sometimes errors can take place on your credit report. Check your recent history for any possible errors in the reporting. If you find any, work with your credit bureau for a resolution.

Pay Off Collection Accounts. These accounts that haven’t been paid are sent off to collections and immediately affect your credit score. These accounts become a priority once you can pay them off; the sooner they are paid off, the better.

Pay Off Past Due Accounts. Paying accounts on time, such as bills, have the most impact on you credit score. Almost half of your credit score is created by your payments and payment schedule. The later the payment hasn’t been fulfilled, the greater affect it has on your credit score.

Good Faith Adjustments. Let’s say you usually make your payments on time, but there were a few payments that ended up being late. Or there was a financial occurrence that deemed one of your payments to become late, yet has been handled with. You can reach out and contact the creditor asking a courtesy adjustment.

Debt-To-Credit Improvement. Debt-to-credit ratio is how much you owe versus how much credit you have available. There are a few ways to fix this problem. You could transfer debt to a personal installment loan, pay the revolving debt first or move around credit card balances. One of the most common remedies is simply asking for a credit increase.

Use An Older Card. Longer credit histories with favorable payment schedules are always viewed as a positive. Try to identify one of your older lines of credit and make on-time payments for new purchases.

When you apply for a car lease transfer, the bank holding the car lease must review and approve you as the incoming lessee. Following these steps will go a long way toward repairing your credit so you can qualify for the right car lease.

For more information or to learn how you can have a successful car lease trade, contact at 866-SWAPNOW.