Improve Your Credit

Over the course of several years, bad credit can cost you thousands of dollars that you might not even be aware of. Although ABT-Bank can still approve you for an auto loan with bad credit, it's important to raise your score as high as possible. Start by following some of these recommendations from real credit experts:

• The first and most important step to improving your credit score is to actually know what your score is! Thousands of people do not know their credit score, even though it can easily be accessed for free online. Experts agree that those who know their credit score also have a greater knowledge of credit in general.
• One of the easiest ways to raise your credit score is to simply pay every single bill on time. Late or delinquent payments have a very negative affect on your score. If you have trouble paying on time, sign up for programs that automatically deduct the payment from your bank account so you don't have to remember to.
• Don't open any more lines of credit than you absolutely need. Your credit score takes a small hit every time you inquire about a new line of credit and every new line lowers your average account age, further damaging your score.
• Keep in mind that just because you close an account, doesn't mean it has gone away. Closed accounts can still factor in to your score for several years.
• You should have at least a couple lines of credit. In most situations, having several lines of credit that are paid for on time and are not maxed out will help raise your credit score over time. By taking out a loan with ABT-Bank and making your monthly payments on time, your score will definitely increase.

Some people have a very difficult time maintaining a solid credit score and staying out of too much debt. If you aren't able to properly manage your debt or your spending habits, contact professional help in the matter. Some debt consolidation and debt management problems can help raise your score and eliminate debt in under a year.

Still confused? Check out our auto loan glossary.