With 2020 swiftly approaching, you may be thinking of New Year’s resolutions you can adopt after the holidays to improve your lifestyle. While adopting healthy habits, such as diet and exercise, is always a popular resolution, how about resolving to improve your credit?
If you have bad credit or no credit, the coming year may be a good time for you to focus on your finances. Here are some New Year’s resolutions that may help you improve your credit in 2020:
Resolution #1: Put together a financial plan for the year
Whether you set up a budget on your own or work with a financial advisor, putting together a financial game plan for the year is a good way to set the stage for staying on track with your finances and improving your credit.
You may be planning to purchase a car or new home this year, or maybe you’re saving up for retirement or your kids’ college fund. Whatever the case, putting together a solid game plan can help you stay on track to reach your financial goals.
Resolution #2: Pay your bills on time
Making on-time payments on your car, mortgage and other bills can help improve your credit. To stay on top of your payments, you can set up automatic payments and/or electronic reminders.
Resolution #3: Build your credit history
Since your credit history is based on your financial experience over time, your credit will likely improve the longer you have credit, open different types of accounts and pay back what you owe on time. For instance, if you’re someone with bad credit or no credit who is looking to purchase a vehicle, getting approved for financing through Credit Acceptance is a great way to help build your credit history.
Resolution #4: Monitor your credit
The Consumer Financial Protection Bureau suggests checking your credit report at least once a year. This is a good way to keep track of what’s impacting your credit and what you may need to do to improve it. If there are errors in your credit report, disputing and fixing them can help improve your credit.
The New Year is all about new opportunities. If you’re in the market to purchase a new or used car and are in need of credit approval, Credit Acceptance can help. Simply fill out the form on our website to connect with three enrolled dealers near you that can help you start your credit approval today!
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