It’s so hard to understand how our credit rating is determined; that is, unless you work for one of the three credit bureaus, cause they’re not telling. You would like they would want people to have a better understanding of how they work and figure out the umber they give us, but the truth is, they don’t really care.
If you go to a dealership and apply for either a National auto financebad credit loan, or an HSBC and Capitol One auto finance possible loan, the finance manager can only explain so much. Here they work with lenders every day, know how to read a credit report, and still they have no idea how the credit companies get that number. I mean, parts of it can be explained, and I mean parts. Never the whole thing by any means so we are left floundering and wondering what we did to hurt the score, and what we can do to improve it.
The credit companies are now required to each individual view their credit report once yearly from each of the three companies. This is both great news and also makes you wonder why something like this wasn’t put in place years ago. I mean, it is your credit they are reporting on, the least they can do is let you see what is being reported.
When applying for auto finance credit knowing your credit is a must. Not only does it affect whether you will get approved, it will also determine the rates and terms of the loan. So make sure you pull your report yearly and stay on top of your credit.
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