Credit score is a three digit number that is calculated based on your credit report. The score is used in a variety of industries, including ours. Lenders use your credit score to determine creditworthiness for loans, including car loans. There are many factors that determine one’s credit score. We have listed out the major components for you below.
Payment History (35%) - The first thing that determines your credit score is your payment history. Lenders look to see if you have paid past credit accounts and whether your history reflects any late payments.
Amounts Owed (30%) - The second thing lenders look at is how much you owe on credit accounts. Having accounts that you still owe money to does not necessarily mean you will have a lower credit score.
Length of Credit History (15%) - Lenders also look at the length of your credit history. Generally, a longer credit history will increase your overall credit score.
Types of Credit in Use (10%) - Credit scores consider what type of credit accounts you have in use including credit cards, retail accounts, loans, and mortgages.
New Credit (10%) - The last determinant of credit score is new credit accounts opened. Research shows that if you open several new accounts within a short period of time that you’re a greater risk, generally meaning a lower credit score.
Credit score is not the only factor that lenders use to grant loans, so even if you don’t have perfect credit, we here at Gregg Young Buick GMC Indianola will work to find a solution for you. We work with all situations, good credit, bad credit, and even no credit. Visit us today if you’re interested in learning how we can help you get into the car you’ve always wanted.
Payment History (35%) - The first thing that determines your credit score is your payment history. Lenders look to see if you have paid past credit accounts and whether your history reflects any late payments.
Amounts Owed (30%) - The second thing lenders look at is how much you owe on credit accounts. Having accounts that you still owe money to does not necessarily mean you will have a lower credit score.
Length of Credit History (15%) - Lenders also look at the length of your credit history. Generally, a longer credit history will increase your overall credit score.
Types of Credit in Use (10%) - Credit scores consider what type of credit accounts you have in use including credit cards, retail accounts, loans, and mortgages.
New Credit (10%) - The last determinant of credit score is new credit accounts opened. Research shows that if you open several new accounts within a short period of time that you’re a greater risk, generally meaning a lower credit score.
Credit score is not the only factor that lenders use to grant loans, so even if you don’t have perfect credit, we here at Gregg Young Buick GMC Indianola will work to find a solution for you. We work with all situations, good credit, bad credit, and even no credit. Visit us today if you’re interested in learning how we can help you get into the car you’ve always wanted.
Hours Of Operation
Sales
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Service
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- Closed
Parts
- Monday
- Tuesday
- Wednesday
- Thursday
- Friday
- Saturday
- Sunday
- Closed