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3640 East M-21
Directions Corunna, MI 48817

  • Sales: (888) 452-1896
  • Service: (866) 938-1350
  • Parts: (866) 938-1363
Info

What Makes Your Credit Score?

 

Your credit score can make a huge difference in determining whether or not you can finance a vehicle, as well as in the specific rates that you will be charged. The better your credit score, the more likely a financial institution is to trust you with a loan.

However, credit scores can seem mysterious to many people, who do not know what comprises these seemingly magic numbers. Surprisingly, it's actually not that confusing.

The major factors that influence your credit score include:

  • Payment History - This is the most powerful aspect of your credit score, accounting for about 35% of the final number. Payment history includes how frequently you have paid your bills late, etc.
  • Amounts Owed - This is almost as important as your payment history and refers to the overall amount of money that you owe, from student loans to credit card debt.
  • Credit History - If you have a good history with credit spanning over many years, then that reflects well on you. If you are new to credit, you aren't doomed, but a lengthier history is preferable.
  • New Credit - This refers to how many new accounts you have opened, or attempted to open, in the recent past. If you have a lot of recent activity in this field, creditors may wonder why and deem you a risk.
  • Credit Types - Lastly, this small portion of your credit score refers to the various types of credit you have, with a diverse mix earning you a higher score.

Keep in mind that there are many misconceptions about what is not factored into your credit score. Your salary, marital status, employment history, and much more do not influence your score in the slightest.

Additionally, it's worth noting that you are federally entitled to three copies of your credit report - which reveal the data that influences your score - each year, through www.annualcreditreport.com.

For more information, feel free to contact us or stop by and visit anytime at Slingerland Chrysler Dodge Jeep Ram.

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