How to Raise Your Credit Score Fast | Auto Sales and Finance

Credit scores—they’re like report cards for grown-ups. It’s a three-digit “grade” you get on a scale that ranges from 300 to 850. Your score indicates your creditworthiness to potential lenders, banks, landlords, insurance companies, and even to some employers, for instance. I’m sure you know that the higher your score the better.

Where Can You Get Your Credit Report and Score for Free?

You can get your credit report from each of the three major reporting agencies—Equifax, Experian, and TransUnion—for free once a year at annualcreditreport.com. But credit reports don’t include your actual credit score—you usually have to pay for those. However, I recently joined Credit Karma, at creditkarma.com, where you can actually get it for free!

What’s a Good Credit Score?

Creditors establish their own guidelines and break points for doling out credit. But here’s what credit scores can mean for your personal finances:

• 300-580: You’ll be denied credit or will only be approved for the very highest, most costly interest rates.
• 581-650: You may qualify for credit at high interest rates.
• 651-710: You’ll qualify for credit at moderate interest rates.
• 711-750: You’ll qualify for credit at competitive interest rates.
• 751 and up: You’ll get the most competitive, lowest interest rates on the market.

Someone with a credit score of 550 might be charged an interest rate that’s three to four percentage points higher than someone who scores over 750. That could translate into paying several thousand more dollars in interest for a $20,000 car loan or over a hundred thousand extra bucks in interest over the life of a 30-year $200,000 mortgage! That’s money you could invest for your retirement instead.

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Tips for Driving in the Snow

Winter driving is not without its own unique set of challenges, dangers and frustrations. When ice or snow begins to build up on the roadways, your driving abilities are put to the test. And while no one, not even the most experienced driver, is completely safe when road conditions are deteriorating, the following list of tips for driving in the snow may help to improve your chances of arriving at your destination safely.

• Tip #1: Stay Home: The best advice is to stay off the roads. When the roads are icy and snowy, avoid making unnecessary trips in your car.

• Tip #2: Clear the Snow from Your Car:  While this may seem obvious, this is a rule too many drivers ignore. Do not be content with simply wiping away a strip of snow from your windshield. Instead, to ensure optimal visibility, clear the snow from every window as well as the headlights, taillights and side mirrors. Snow that has collected on the roof and windshield of your car will also affect visibility. So it is best to take the time to remove this as well.

• Tips # 3: Practice: If you are an inexperienced driver, or if this is the first snowfall of the year, consider taking a moment to practice in an empty parking plot. This helps you get a feel for how the vehicle will handle, stop and start during slippery conditions. 

• Tip #4 Go Slow: It’s better to arrive late than not at all. So do not be in a hurry, even if other vehicles are speeding on past you. Remember that rapid movements lead to skids and loss of control. Counter this by concentrating on making sure every movement is slow and fluid.

• Tips # 5: Make Room: Simply put, when the road is slick, stopping can take more time than you suspect. To avoid ramming the car in front of you, be sure to allow at least three times more space than usual between you and the other cars on the road.

• Tips #6: Scan the Road Ahead: Road conditions can deteriorate quickly, and black ice can be next to impossible to spot.  Don’t let a clear road lull you into a false sense of security. By continually scanning the road ahead, you can anticipate any trouble spots and put yourself in the best position to successfully maneuver through any situation.

Tips #7: Go Easy on the Pedal: This includes both the gas and the brake pedal. When braking, start your stop earlier than normal. This will allow you to gently push the gas pedal, which can offer valuable insight into how the car is responding to any slippery road conditions.