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801 W Avenue N San Angelo, TX 76903 Toll Free: (866) 220-5346 / Local: (325) 655-5631
A good credit score will prove to be an ally throughout your life. So it’s good to know what goes into one! We’ve delineated some of the most important factors that go into creating your score.
More than anything else, the timeliness in which you make payments is going to dramatically affect your credit score. Always make your payments on time. Lenders not only report late payments to credit agencies but the later a payment is, the more it hurts your score. If a payment has gone to collection, you score will suffer considerably.
The amount of your available credit that you use will affect your score. This is referred to credit utilization ratio. A good rule of thumb is to keep it under 30%. Use too much and your score will suffer.
Crediting agencies will incorporate the length of your credit history into your score. A long credit history free of any late payments or any negligence is going to do wonders for your score. A good short history may be just as helpful. This is why it’s so important to establish good credit early on in life.
For more information on financing Mitsubishi vehicles, visit the finance experts at Randall Mitsubishi in San Angelo, TX.