If you want to take out a loan, your credit score is a key factor in determining whether a lender will loan you money. Your credit score tells lenders the level of risk in letting you borrow money, which is determined by five categories: new credit, amount owed, payment history, length of credit history, and credit mix. Below we address frequently asked questions about credit score, credit reports, and healthy financial practices. Contact the finance specialists at our Overland Park, KS dealership through our online form or by calling (855) 437-7998, if you have any further questions.
A credit score, also known as a FICO® Score, is a number from 300-850 created by the Fair Isaac Corporation and three credit reporting agencies. It helps lenders determine how likely you are to make payments on time. It also influences your interest rate and amount you can borrow.
Having bad credit isn't an uncommon issue, so take a deep breath. Your credit score can always be improved-though it might be tough depending on how low your score is and other factors-paying down high balances and making timely payments will surely help. If you're wondering what a good credit score is, 700 is a solid score, but the higher the better. View the table below to get a general understanding of credit score evaluations.
Do you know your specific credit score? That's a good place to start because it will inform you of how much you need to improve and what is dropping your score.
How do you go about finding out your score? Answer the questions provided by our credit estimator, and you will have a better idea of your credit situation without affecting your credit further by adding a bureau inquiry to your record.
Develop good financial habits: pay your bills on time, keep a low balance on credit cards by limiting how much you spend, don't close unused credit accounts, and keep track of your spending. Following these tips should keep your credit score up or improve a low one. Another good way to establish good credit is taking out an auto loan and making regular payments. Fill out our online credit application or talk to the financial experts in person at our Overland Park, KS dealership located at 9239 Metcalf Avenue Overland Park, KS 66212 to get started.