Credit Info

This area contains helpful information that may give you ideas on how to improve your credit score. The major credit bureaus are Equifax, TransUnion and Experian. If you don’t know your credit score, go here to request a free copy.

Credit Resources

We are committed to helping customers build good credit. In a relatively short period of time, it is possible to take a damaged credit history and turn it around. The success of our consumers goes hand-in-hand with the success of Exeter Finance Corp.

Managing Your Credit

While banks and finance companies typically look at the FICO score, they also consider other factors. Following these basic guidelines will generally help to improve your credit score.

• Pay Bills On-Time

  The single biggest component of your score and credit decision is how you pay your bills. The more bills you pay on time, the more confidence a new lender will have that you will pay them in the future.

• Keep Balances Low

  Loan officers will likely look to see what your balances are as a percentage of your credit limit. Keeping your balances low shows that you can handle debt responsibly.

• Close Unused Accounts

  Too many open pieces of credit sends up a red flag with many lenders. They are often concerned that you may overburden yourself, and become credit-stressed. It is wise to keep only those accounts you need. Hold on to your oldest accounts, as this demonstrates the ability to maintain credit over a longer period of time.

• Pay More Than the Minimum

  In order to keep from being stuck with high interest payments indefinitely, you should pay more than the minimum required on revolving accounts.

• Keep a Budget

  Many consumers who struggle with credit issues simply have no idea how much they are spending each month. Keep track of your expenses, prepare a budget, and stick to it. You may be surprised how easy it is to eliminate unnecessary expenses and take control of your finances. Ideally, lenders want to see that customers have managed their expenses to less than 30-40% of their gross monthly income. The lower, the better.