Vehicle Purchasing Services | What makes up your credit score?

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“Dave was integral in the selling of my used truck. He handled the entire negotiation process which deflected a ton of stress from me. Dave is a true professional; honest, direct and realistic when it comes to knowing the vehicle market. I would, without question, hire Dave again to assist in selling or helping me purchase a vehicle.”

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What makes up your credit score?

Hopefully this will help lift the mysterious cloud that hovers over the number that is your credit score. Now remember, there are 3 bureaus that are used and all have different scores, so ask which one the dealer will be using, it is usually Experian and guess what, they have a web site. Here is a general rule of thumb when it comes to credit scoring:

Payment History 35% (are you on time?)

Amounts Owed 30% (Debt to available credit less that 30% is best)

Length of Credit History 15% (Keep those long standing accounts open, just don’t use them!)

New Credit 10% (Avoid applying for new credit if you are wanting a major new loan)

Types of Credit Used 10% (Showing that you can manage your various accounts)

If you are looking to improve your score it is easy to see where your efforts will make the biggest difference, good luck!

(Source: Fair Isaac Corporation)