Power of Your Credit Score

When you need to apply for financing , a lender will look at your credit score. This three-digit number carries a lot of power and is a major factor in determining whether or not you can get the financing you need.

Most credit scores will fall within a range of 300-850. People with higher credit scores are considered to be less of a risk when it comes to lending money. However, lenders will look at more than just your score when considering you as a customer.

Your credit score is calculated using five criteria gather from your overall credit history, each with different weights: payment history (35%), amounts owed (30%), length of credit history (15%), new credit (10%), and types of credit used (10%).

If you currently have what is considered a “poor’ score, you are not doomed for life. As your credit history changes, so will your score. One of the most detrimental things to your credit is paying late, especially more than 30 days late. By making on-time payments you can help reduce the effect of those late payments. And, eventually, those late payments will leave your credit history.

If you need a new car and a loan to get one, but are concerned about your credit score, come visit us at Suski Chevrolet and we can help you get the loan you need.

Finance Department