Know your Credit Score Before Scoring a New Car!

Before you shop for a car, you need to know your credit score.  This will  let you know what kind of financing rate you are eligible for and therefore help you determine the cost of your new car.

Credit scores are a form of financial profiling lenders use to predict the statistical likelihood of a buyer not keeping up with his payments -- or going bankrupt altogether.

They are based on things like your income, employment history, length of time at your residence, buying patterns, history of credit applications, repayment of loans, revolving debt (credit card balances, etc.), defaults, bankruptcies, etc.  All this data is monitored and recorded by the three major credit reporting bureaus -- Equifax, Trans Union and Experian.

This information gives you a a "risk profile" relative to past experience with people who have similar records of income, debt payment and so on. All this is reflected as a number ranging from 300 which is the bottom of the barrel,  to 800 which is perfect.

If you are having a problem establishing credit, apply for a gas card and pay it off every month. Also, a secured credit card is where you put a dollar amount into your account and use your Charge Card to withdraw the money.  This way, your card gets paid off every month and it begins to show a good credit history.

If you are on the other spectrum and need to clean up your credit, start by trying to pay off the high interest credit cards off.  There are also credit help programs available.

After your credit is established, and you know what you can pay, it is time to shop!  You can go to any Greensboro Ford dealer, Cincinnati Ford dealer or NH Lincoln dealer for awesome cars!  Good luck and  score the car of your dreams!