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Boost Your Credit Score with RV Depot: Repairing Your Credit

by Queenie Valenzuela 6 months ago

In today’s world having a good credit rating opens so many possibilities for your future. The world seems to revolve around such ratings. The banks want you to have a nearly perfect score to approve you for that loan. Trying to buy that house? Better keep that credit score in check... Looking to buy a new car? That credit rating will define your interest rates. Here at RV Depot, we are the bank. We get to say “YES” when so many others say “NO.”  Get approved for that home on wheels today no matter your credit score. We offer in-house financing along with traditional financing so we can work with you to find the best option for your needs. Do not let that low credit score stop you from your future. We won't!  

Know Your Credit Checks: Soft vs. Hard Inquiries

Having too many checks on your credit can be bad for your score, so it's best to avoid them if you can. Soft checks make up 10% of your score overall, so having a bunch of them can lower your score. Soft checks happen when companies review your account or offer you preapproved deals. Applying for a loan is an example of a hard check. The good news is that the damage from soft checks is only temporary. They affect your credit for the first year but stick around for two years before disappearing completely.

New vs. Old Credit: How Each Impacts Your Credit Score

Understanding how new and old credit affects your credit score is important. When you apply for new credit within the last two years, it can lower your score a bit because it makes your credit accounts seem newer. But if you manage your credit well over time by paying bills on time, it helps your credit score go up. So, it's smart to be careful about applying for new credit and focus on paying off existing debts on time. This way, you build a good mix of credit that shows you're responsible with borrowing money.

Improve Your Credit Score: Get an RV Loan!

Improve your credit score by getting an RV loan and paying your bills promptly. This is important because it affects 35% of your score. Even if you miss a payment occasionally, it's better than missing many. We approve RV loans for everyone, no matter their credit history. Boost your credit score while enjoying your travels with us!

Buying an RV through us can help improve your credit score. One key factor is your credit utilization ratio, which counts for 30% of your score. This ratio compares how much you owe on loans and credit cards to your credit limits or original loan amounts. To boost your score, aim to keep this ratio below 30%. Paying off debts faster and making more than the minimum payments each month can make a big difference.

At RV Depot, we know that each lender works differently, so these are just general tips. The interest rate you get often depends on your credit score. Some lenders might only look at your score to decide if we approve your application. But with us, it's different. We understand that everyone deserves a chance, even if things haven't always gone perfectly. That's why we're here to say "YES" to your dreams. You can get approved for a pre-owned RV today, and paying it off over 4-6 years can really boost your credit score.

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