Funding for the purchase of a car, truck or SUV; It is important to know the credit score. The credit rating is the measuring stick used by the trader, banks or the credit association to determine the interest rate available to finance the purchase.
The credit line, also called the "FICO" score. The formula is based on the pay history, the amount due, the length of the credit history, the type of new loans and the type of credit used.
The scores 350 – extremely high risk, 850 – are extremely low risk.
The most appropriate way to keep good numbers.
It's strange that the more debts (mortgages, car loans, other loans) you have to endorse more risky. If you pay in time and pay this debt, your credit will really improve because you have a good story.
Factors Affecting Your Credit Score:
Credit Card and Other Accounts Paid in Time and in full
Do not try more credit cards, such as class or furniture store cards, especially if you never use them or just use them once.
Make sure all credit
Do not take more debt than you can afford.
Do not ignore late accounts or those in your name that are not yours.
After a personal bankruptcy, you can not ask for automotive production for three years
Here's an example that a simple oversight can be a cost-expense:
John was a 30-year-old man who always paid his credit card debt entirely, and he had a car that he paid in full every month.
When John asked for a mortgage, he was surprised to find that he did not get the best interest rate. When you looked at your credentials, you noticed that your account contains an irrevocable debt, which is the worst indication for their report.
During the investigation, he learned that a few years ago he used a large number of credit cards with a large number of credit card services. As he did not hear them, he assumed his application was denied.
It's a fact that the company gave him the card and reported a monthly fee but sent the bill to the wrong address. As the accounts never arrived, and he did not check his credit history, he described it as an undeclared debt.
John was able to fix this and the best possible price.
This clearly shows the importance of trying to keep his debt while building history.
Make sure you keep your eyesight as it is a big difference in financing your next purchase of a vehicle.
Source by visit sbobet thailand