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Learn The Basics About Credit, Credit Scores And What It Takes To Get An Auto Loan With Bad Credit!

A Fico Score is a three digit number that appears on your credit report and is used by banks, lenders, and some insurance companies to determine what rate and programs that you qualify for.  Your Fico Score can range from 900-300 -- 900 being the highest and 300 being the lowest. Your score is figured by a mathematical algorithm which takes several aspects into consideration.

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No one can definitely say what exactly causes your score to be what it is, however, there are few main points that can directly effect what your Fico Score will be.  Here are a few points to consider:

1. Paying bills. The better your payment history is, the higher your Fico Score should be.

2. The Credit Bureau. Having a long-lasting relationship with the Credit Bureau through established credit is a sure way to higher your Fico Score.

3. Credit Inquiries. With fewer credit inquiries, your Fico score should be higher.  This means, the number of recent credit inquiries (usually within the last 6 months) combined with your total credit inquiries can higher or lower your Fico Score.

4. The percentage of your Revolving Credit. In other words, the percentage of outstanding balances that you have on any revolving credit line (e.g. credit cards) can directly affect your Fico Score.  For example: If you owed $500.00 dollars to your current credit card, and your limit is $1000.00, then the percentage of Revolving Credit available on that particular card would be 50%. The higher your available credit is, the higher your Fico Score should be.

5. The total number of accounts that you have, and how recently those account were acquired may effect your score. If you acquire a lot of accounts at once (or a lot of debt all at once), the lower your Fico Score may be.  As you begin to make repayments on those accounts, your score should begin to go up.

What a Fico Score Grading Card Would Look Like:

• 740 and above -- Excellent
• 680 to 740 -- Above Average
• 620 to 680 -- Very Good
• 580 to 680 -- Above Satisfactory
• 550 to 580 -- Satisfactory
• 480 to 550 -- Below Satisfactory
• 300 to 480 -- Unsatisfactory

Credit Reporting Agencies

Experian Credit Information Service
PO Box 2002
Allen, TX 75013-2002
www.experian.com

Equifax Credit Information Services
PO Box 740241
Atlanta, GA 30374-0241
www.equifax.com

TransUnion LLC
PO Box 1000
Chester, PA 19022-1000
www.transunion.com