Credit scores are utilized by lenders and others to predict whether a person will make credit payments on time. Therefore, the higher the score, the more likely you will be approved for credit. In addition, shoppers with high credit scores are often eligible for lower interest rates on new credit.
What Exactly Is a “Good” Credit Score?
The best-known and most widely used credit score model in the United States, the FICO is calculated with information from a consumer's credit history. FICO scores range from 300-850, but most people score in the 600s and 700s. Lenders usually consider credit scores above 700 to be very good.
Your interest rate, the length of the loan, and your monthly payments are all determined by your credit score. For those that have FICO scores below 600, they’re usually considered high risk by some lenders, and as a consequence they may be required to pay higher interest rates.
What Determines your Credit Score?
Different credit reporting agencies will develop different credit scores, but regardless of where the score comes from, each is derived from a handful of factors. Your payment history, how much you owe, the length of your credit history, and how much new credit has been opened are just a few of the factors that determine your credit score.
For more information on credit scores, please call a renowned Infiniti dealer near Atlanta, Infiniti of Gwinnett, at 678-367-2639.
About Infiniti of Gwinnett
Infiniti of Gwinnett, a reputable Infiniti dealer near Atlanta, offers a complete car buying experience. They provide their customers with everything from car repair services, auto parts sales to car loan and lease financing.
Whether you're shopping for a new or pre-owned vehicle, they will help with your search. In addition, feel to read some trustworthy Infiniti of Gwinnett reviews written by their satisfied customers.
Infiniti of Gwinnett
3090 Satellite Blvd
Duluth, GA 30096