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What Ajax Residents Should Know About FICO Scores

By Patrick Gauer Subscribe to RSS | July 3rd 2012 | Views:
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Numbers rule the lives of everyone on the planet. This is painfully obvious during auspicious events in people’s lives such at the dreaded moment when you step on the bathroom scale after months of dieting. For those who are applying for a car loan, however, the numbers that matter most are their credit scores or FICO. But how is your credit score computed anyway?

Payment History (35%)

Ajax residents should know about this since it’s the most important thing that contributes to one’s credit score. The simple rule is late payments equate to a lower score. Fewer late payments or less money owed results in a higher score. You should also remember that recent late payments have a bigger effect on your FICO score than late payments years ago.

Outstanding Balances (30%)

The amount of money you owe at the moment also contributes significantly to your FICO score. However, owing a lot doesn’t automatically cause you to get a lower score. The number of accounts you have and whether they are near their limits vis-à-vis the payments made on those accounts also play big roles.

Credit History (15%)

The length of your credit history proportionally affects the attractiveness of your FICO score. If you’ve just started building up your credit, you’re not likely to get a good FICO score. This is why it is recommended for you to open a bank account and a credit line as early in your life as possible. By opening and maintaining rosy financial accounts, you can make your FICO score look better.

New Credit (10%)

Before applying for a loan with the help of car dealers Durham has, it is important to stay away from new accounts. Durham credit bureaus will not like it very much if you open a plethora of new accounts a few months before applying for a loan. This is why you should open one or two credit lines early on and stick to them.

Credit Type (10%)

When applying for car loans Ajax lending institutions offer, the lenders want to see someone with a healthy mix of credit types in their credit report. Someone who has about twenty credit card lines open is considered a very risky borrower even if the total outstanding balance for all those cards isn’t much. Make sure you have different types of credit, and that you’re able to manage them easily.

Applying for car loans Durham lending institutions offer is a tricky process. However, once you’ve gotten your FICO score down pat, then you’re all set. All you have to do is wait for that approval. For more information, check out edmunds.com/car-loan/understanding-your-credit-report.html.

Patrick Gauer - About Author:
For more details, search car dealers Durham, car loans Ajax, and car loans Durham in Google for related information.

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