How Credit Scores Work
What Determines Your Credit Score & How to Improve It
A strong credit score is crucial to securing an auto loan, especially one with a low rate. But what affects your credit score and how can you improve it? Here is some information, courtesy of our financial experts at Phil Moore Buick GMC in Jackson, MS.
Payment History
Have you kept up with your bills, paying them on time and never missing a payment? This is the biggest factor in determining your credit score. If you regularly miss payments, your credit score will suffer, making it more difficult to finance a new or used vehicle.
Current Debts
How much debt have you incurred via your credit cards, school loans, mortgages, and more? It is good for your score to carry some debt, but if you are maxing out cards and never paying more than the minimum payment, you credit score will take a hit.
Length of History
How long you have been using lines of credit will also play a part in determining your score. If you have been paying all your bills but only for a year, you might not have enough of a history to boost your score. Conversely, if you have been keeping up with your credit payments for decades, your score will be strong.
New Credit
When you open new credit accounts or increase your credit limit, your score may temporarily take a hit. But that initial hit is okay if it will help you strengthen your credit.
Type of Credit
You should have a diverse credit portfolio, including credit cards, mortgages, car payments, and retail accounts.
Let Us Help You Decide
Contact Phil Moore Buick GMC in Jackson, MS with any questions you still might have for more information.
| New Sales/Used | ||
| Day | Open | Closed |
| Monday | 9:00AM | 7:00PM |
| Tuesday | 9:00AM | 7:00PM |
| Wednesday | 9:00AM | 7:00PM |
| Thursday | 9:00AM | 7:00PM |
| Friday | 9:00AM | 7:00PM |
| Saturday | 9:00AM | 7:00PM |
| Sunday | Closed | Closed |
| lunch at noon -1pm | ||