Learn More About Easy Auto Loan
Pathway Hyundai > Finance Department > Learn More About Easy Auto Loan
WHAT IS BAD CREDIT?
Anyone who gets a credit card, loan or pays bills over time will build a credit history. Your credit history is summarized in a three-digit score. A low score can impede one's ability to secure a loan and other credit products. Take a look below to see what the 5 major factors are to calculate a credit score.
HISTORY OF PAYMENTS (35%)
A record of your charges and payments are kept to determine your creditworthiness.
AMOUNT OF DEBT (30%)
The amount of credit you carry is weighed against the available credit you have. If you have maxed out credit cards but only make the minimum payments your credit score will drop.
CREDIT LENGTH (15%)
The longer you have had a credit account open for, and have been using it responsibly, the higher your credit score will be.
DIVERSITY OF ACCOUNTS (10%)
The larger the diversity of your active credit products, the better your overall credit score will be.
NEW INQUIRIES (10%)
A "Soft inquiry" is generally done by a person or company and won't affect your credit score. However, a "Hard inquiry", done by a bank, lender or creditor will cause a small, temporary drop in your score.
WHAT IS THE CREDIT SCORE RANGE?
HOW CAN WE IMPROVE YOUR SCORE?
We have a dedicated team that will customize a game plan to get you & your credit back on track. Start by applying today! Take a look below to see what our process is to get you behind the wheel and on your way to rebuilding your credit.
