Over 70 million Americans have low credit scores. Credit issues can be scary, and a lot of people struggle to find ways to improve their credit. The good news is that there are ways to build your credit score back up.

First, it’s important to understand why your credit score is low. Here are the four most common reasons that people have low credit scores…

1. Negative marks: Negative marks can come in the form of late or missed payments, repossessions, tax issues, or even medical bills. Your credit report shows a mark for each time a payment is late or missed. Over time, when these marks start to add up, they can cause you to have a low credit score.
2. High debt: Even if you make every single payment on time, the amount of your debt can affect your credit. High credit card balances or high debt-to-income ratios can cause you to have a lower credit score. If you owe a large percent of your monthly income, this can bring down your score.
3. Short or no credit history: It takes time to build up to a good credit score. You may have credit issues even if you've never even had a single credit card. One common credit issue is having a short or no credit history. In some ways, this is the easiest credit issue to fix, but it also can be difficult to get your credit history up and running.
4. Combination of factors: If you have two or more of the factors mentioned above, it can be very frustrating and difficult to get on track with your credit. However, even with a history of negative marks and high debt, you can start taking control of even the lowest credit score.

No matter how frustrating and difficult having credit issues can be, the good news is that they can always be fixed. Credit scores and histories start to improve with every on-time payment and each debt that is paid off.

You can start taking control of your credit report and credit score right away. For example, making regular, on-time car payments is a great way to improve your credit score. To learn more ways to improve your score and build your credit, contact SVG Motors today to see what financing options are available to you.