What Is Credit & How Is It Determined

What Is Credit & How Is It Determined

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Why is my credit score so important?

Your credit score can affect you in many ways throughout your life. At Autoloan Credit Express in Fall River MA, we help people get car loans and we've seen how a good credit score can help you get the loan you need for the car, truck or SUV you really want. Good credit can also help you get the apartment you want, better rates on car insurance, and help you get approved for a home loan.

Would you like to qualify for one of those "rewards" credit cards? They can give you travel benefits like airline miles, protection on big-time purchases, the ability to more easily dispute an incorrect charge and even give you cash back, just for buying things. A high enough credit score can help you qualify for one of those credit cards so you can get rewarded based on your spending patterns. In other words, good credit can make life better.

What's considered a good credit score?

You credit score can vary from a low of 300 to a high of 850. Credit scores can be found at the three primary credit bureaus: Experian, Equifax and TransUnion. The most commonly-cited credit score is called a "FICO" score. 300 to 579 is considered poor, 580 to 669 is viewed as fair, scores of 670 to 739 are considered good, 740 to 799 is very good, 800 or above is excellent.

How is my credit score calculated?

There are several components. One is payment history, which is about 35% of your score. It answers the question, "Do you pay your credit card bills on time?" Second is how much you owe, representing 30% of your score. This compares the total you owe vs. your entire credit limit. If you're not using a huge portion of your available credit, that's good. They also look at how long you've had credit and how often you apply for new credit.

How to see your credit score free

It should only take a few minutes. You can find your credit score by logging on to the website for the company that provides your credit card, or by finding a credit score provider that offers it free online. Just make your way to the credit score section and you can find your score. You can also usually find the criteria that contribute to your score, so you can see how to improve your rating no matter where you live around Swansea or Providence, MA.

We help people get car loans and we can help you raise your credit score

Drive over from Fairhaven, MA and we would be happy to talk with you about your credit and discuss ways to improve it. We can even help you right here on this website. Spend a little time with our "Frequently Asked Questions" by clicking on the "Credit Programs" tab at the top. The same tab can take you to our Fresh Start program that can give you a second chance at credit if you're held back by bad credit in the past.

We have more ways to help you build your credit

One other service to investigate under "Credit Programs" on our site is the First Time Buyer Program designed to provide special support for those buying a car for the first time. We have many helpful credit programs, because helping people get car loans is our goal every day. Find out more by contacting us online, by phone or in person. At Autoloan Credit Express, we believe everyone deserves good credit and we'll help you make sure you can earn it.