Having good credit just helps you do a lot in life.
From a young age, I was very fortunate to have a dad who taught me the importance of credit.
I grew up on a farm. I raised pigs and I had saved money to put wheels and tires on my truck for the first time. And my dad wouldn’t allow me to use my saved money to get them. He made me finance the wheels and tires with the local tire shop so that I could make my payments.
When I understood the importance of making a payment and making it on time, I could actually start establishing credit. I didn't really get it back then. But the older I got, I saw how important having good credit is. If you want to do anything -- buy a nicer vehicle, buy any sort of toy like motorcycles or boats or ATVs, you’ve got to have good credit.
And then obviously if you ever want to be a homeowner, you gotta have good credit to ever buy a home. Or if you ever want to start a business, say a small business like lawnmowing -- you got to go buy lawnmowers, you got to have good credit in order for a bank to give you money to start a business.
So really anything in life you really want to do takes credit, right? You know, we see a lot of people who struggle with their credit. They're in the hole. What can they do to start improving their credit? Car loans is an excellent way. They really are a great way to build credit because it's a big purchase.
Getting a car loan and making payments on time is huge on building up your credit. That's one area where we as a buy-here pay-here dealership blow away all our competition. Out of all the competition around here we are the only ones who report on-time payments to two credit bureaus. To my knowledge, there's not another buy-here pay-here dealership in southern Idaho that reports credit. We're the only one. So that's a huge way to improve credit.
If you can get your credit built up enough to get a credit card, buy simple things that you’re going to buy anyway with a credit card and then pay that bill at the end of the month.
As long as you’re typically using cash throughout the month, use a credit card instead but then save that cash to pay off the card every month. Don't spend it and then try to pay the credit card bill at the end.
Using your credit card to pay your grocery bill or putting gas in your car, and things like that will be huge to building your credit back up.
Pay all your bills on time. I'm thinking of what we see on credit reports, like cell phone bills being paid late, power bills, water bills get paid too late or are never paid. They show up on your credit score and that's going to hurt you. So paying those on time keeps it off your credit -- which helps your credit.
And we can help you build your credit when you need a vehicle. We offer in-house financing and report timely payments to two credit bureaus.