Triple M Motors

While it might seem belittling to have your entire character reduced to a number, credit scores are a fact of life. Lenders somehow need to know the likelihood that you will pay them back in an agreed-upon and timely fashion. That is exactly how a credit score functions. The higher the number, the more likely you are to make good on your financial loans. To make sure you keep that number as high as possible, you need to know what goes into it.

The mere length of your credit history plays an important role in determining your credit score. How long have you been taking out credit? This can present a challenge for young people but it doesn't long to take out credit, pay it back, and get a good score.

Of all of your available credit, how much is in use? Obviously, if you are using all of your available credit, this does not reflect well on your score. Owing a little is a good thing here assuming you are paying back your creditors.

This is the most significant factor in determining your credit score. Do your pay your bills on time? If not, how often are you late and how late were you on those payments? These are factors that go into making your score.

For people who are experiencing financial difficulty, the urge to open new lines of credit to cover themselves proves too tempting. This is why opening several new lines of credit can diminish your score.

For more information on how to finance a new Chevrolet or GMC vehicle visit the experts at Triple M Motors in CARTHAGE, MS. We will get you financed for the right vehicle today!