If your credit score isn’t where you’d like it to be and you’re planning to make a big purchase soon, you’re going to want to improve your credit before you begin shopping for a loan. Understanding your credit score and the factors that make it up is one of the first steps to improving it. Below we touch on some of the basic principles for credit scores.
What Is a Credit Score?
Your credit score is a number somewhere between 300 and 850 that tells lenders about your borrowing and repayment history. There are many companies that calculate scores, but one of the most well-known is Fair Isaac Corporation. This is how we get the term “FICO.” Regardless of which company created the score, most use a fairly similar collection of information about you to determine yours.
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Disclaimer: We are not a lender and do not offer loans or make determinations of eligibility based upon creditworthiness. We connect you with reputable dealerships near you. All lending decisions are made by the lender and we do not guarantee approval or that any loan terms or rates provided or offered to you will be the best terms or the lowest rates available in the market.