In a world were the Credit Score has become the mystical Mecca of all numbers, and a powerful one! It is important to know what yours is. When you go to purchase a vehicle…what should your credit score be for approval on car loans?
In doing research I found that if your credit score is above 680, you are considered a “prime borrower” and will get a good APR on your loan.
If your credit score is below 680, you are “sub prime”, and will pay much higher APR on your loan. Below 550, you can forget about any car loan. Which one are you?
Experts say at carbuyingtips.com a dealer shouldn’t know more about your FICO Score than you. Get yours now. In 2001 it became possible for you to get your own Beacon FICO Credit Score when you get your credit report online. Congress fought hard for your right to get at your credit score, so why not use it?
Previously lenders kept this beacon score secret from you, so they could charge you higher APR. Get your Credit Score so dealers who run your credit report can’t lie and say your score was low just so they can charge you higher APR. This happens all the time, and now you must use your power to stop it.
Where to get your credit score: Online from Experian, Equifax or TrueCredit.
So what was your credit score? I hope it was better than mine!
Credit score myths:
“I’ve never missed a payment. My credit score must be high!”
This could not be more wrong. Many people get upset when they get their credit score and find out just how low their credit score is. Sure paying on time is one of the best things for your FICO score, but it’s only one of over 100 variables making up your credit score. Having many open accounts does just as much damage to your credit score, as there is potential for you to run up your credit limit on all your accounts. People with good credit tend to have too much credit, and too many old accounts that they no longer use. Lenders view that as a risk. When I got my score it was ok, but needed improving by closing half a dozen computer store and department store cards which I no longer use, but they were dragging down my score.
For more useful info. check out this article at edmunds.com.
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