- How you pay your bills (35% of score)
- Amount of money you owe and the amount of available credit (30%)
- Length of credit history (15%)
- Mix of credit (10%)
- New credit applications (10%)
Source:Bankrate.com
The credit score ranges from 500 to 900 and graded A to F. Man, how does that feel? Almost like grades in school. Anyway, I was thinking about getting a car. My first real adult purchase and I was curious to see what my score was going to be since I'll have to take out an auto loan to pay for the car. I thought I'd be somewhat average, if not better than average coz I always pay my bills on time (except that one late payment, my fault), and I don't have any loans (like other students who have student loans) to pay off. I even pay my bills in full, not that whole minimum payment stuff. But boy was I wrong. My score is below average and I'm disappointed. Man, so much for getting my score to bring to the dealerships to use it as a tool to bargain my interest rate down. Obviously my credit isn't good so there's not really much to bargain with. But maybe they'd try to make my credit score worse than it really is. At least I have prove to show.
I'll have to talk it over with hubby. I don't know how long it might take to actually improve my credit score. Months? Years? I'd really love to take out a loan with a better interest. Hmph, guess it's all about growing up and being independent huh. But it just makes me so mad that credit scores can really control your life over here. I'm happy that I don't have any bad records (nauzubillah). But I wish I could do so much better.
The credit score ranges from 500 to 900 and graded A to F. Man, how does that feel? Almost like grades in school. Anyway, I was thinking about getting a car. My first real adult purchase and I was curious to see what my score was going to be since I'll have to take out an auto loan to pay for the car. I thought I'd be somewhat average, if not better than average coz I always pay my bills on time (except that one late payment, my fault), and I don't have any loans (like other students who have student loans) to pay off. I even pay my bills in full, not that whole minimum payment stuff. But boy was I wrong. My score is below average and I'm disappointed. Man, so much for getting my score to bring to the dealerships to use it as a tool to bargain my interest rate down. Obviously my credit isn't good so there's not really much to bargain with. But maybe they'd try to make my credit score worse than it really is. At least I have prove to show.
I'll have to talk it over with hubby. I don't know how long it might take to actually improve my credit score. Months? Years? I'd really love to take out a loan with a better interest. Hmph, guess it's all about growing up and being independent huh. But it just makes me so mad that credit scores can really control your life over here. I'm happy that I don't have any bad records (nauzubillah). But I wish I could do so much better.
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