« Back to Automotive News

Three Steps to Reestablishing Your Credit Score

Your credit score is a rating that you’ll spend your life trying to either maintain or increase. We’re all essentially born with a good credit rating, but it’s what we choose to do with our credit as we age that affects our score. Buying a car is one of those purchases that can make or break your credit.

Drivers in the Stockton, Brockton, and Randolph area who plan to purchase a car from the Nissan 24 dealership in Brockton, MA, may need to work on improving their credit before requesting a favorable loan. This article will teach you some steps to take that will rebuild your credit and get you in the Nissan you’ve always wanted. 

Nissan Lease Specials

What’s Considered a Good Credit Score?

According to FICO, the company that analyzes and determines your credit rating, a 750+ credit score is an excellent rating. However, your FICO credit score isn’t a one-size-fits-all rating.

Creditors have their own regulations that determine what a favorable credit score is and if they’ll lend to a borrower. Some creditors consider 650 or higher a good score. It’s important to talk to your creditor and find out what type of scores they’re looking for before you apply for a loan.

FICO is considered the gold standard, but they’re not the only company that manages your credit. There are a few other credit bureaus that monitor credit, and they have varying rating systems.

FICO rates credit on a scale of 300 to 850 points. Other bureaus may start at a rating of 100 or 500 points. The most important thing you can do is regularly check your credit report to stay current with your score. Familiarize yourself with all of your accounts and your ratio of debt to credit. Consider registering for online credit bureaus, like Experian, that will allow you to check your rating frequently.

Pay Your Bills on Time

The best way to rebuild your credit is by paying your bills on time and in full. Credit reports include a variety of revolving accounts and installment accounts. Revolving accounts are credit cards that stay open indefinitely. Installment accounts are loans such as student loans or car loans that you have a set amount of time to pay off before they close.

When you pay your bills on time or pay your balance in full, the creditor reports the information to the credit bureau and your score increases. When you fail to pay the bill and the account closes, the termination is reported to the credit bureau and your score is negatively impacted.

Don’t Apply for Unnecessary Credit Cards

You may believe that you can improve your credit rating by applying for new lines of credit and paying your balance on time. Although this may seem like a good idea, this will probably not improve your score.

Every time you apply for a new card, the company runs a credit check and too many checks may impact your score. Applying for new cards also increases your ratio of debt. A high ratio of debt won’t look favorable to creditors.

The best thing you can do is pay down the debt you currently have and limit the usage of credit cards.

Getting a Car Loan

The status of your credit will always be the determining factor for your new car loan. Nissan 24 of Brockton, MA, works with residents of the Stockton, Brockton, and Randolph, MA, areas to get them settled in new and pre-owned vehicles. We’re experts at working with lenders to find the best loan for you.

Stop by Nissan 24 today to schedule an appointment and learn more about your loan options.

Need Help?

888-523-4215

Hours

Sales

Monday: 9:00AM - 8:00PM

Tuesday: 9:00AM - 8:00PM

Wednesday: 9:00AM - 8:00PM

Thursday: 9:00AM - 8:00PM

Friday: 9:00AM - 6:00PM

Saturday: 9:00AM - 6:00PM

Sunday: 12:00PM - 5:00PM

Service

Monday: 7:30AM - 6:00PM

Tuesday: 7:30AM - 6:00PM

Wednesday: 7:30AM - 6:00PM

Thursday: 7:30AM - 7:30PM

Friday: 7:30AM - 6:00PM

Saturday: 7:30AM - 4:00PM

Sunday: Closed

Parts

Monday: 7:30AM - 6:00PM

Tuesday: 7:30AM - 6:00PM

Wednesday: 7:30AM - 6:00PM

Thursday: 7:30AM - 6:00PM

Friday: 7:30AM - 6:00PM

Saturday: 7:30AM - 4:00PM

Sunday: Closed

1016 Belmont Street, Brockton, MA 02301

Sales: 888-523-4215 | Service: 888-598-7072 | Parts: 877-468-3213