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Your credit score is a three-digit number that credit bureaus develop by evaluating the information on your credit file. Along with your credit history, it has an impact on whether or not you are approved for a mortgage, car loan or credit card and what interest rate you’ll pay.
A borrower’s credit score has been proven to be the best predictor of the borrower’s repayment performance. The three major credit bureaus generally use a formula developed by the Fair Isaac Corporation (FICO) to analyze the credit information they have on file for you. Your FICO score is what most lenders use to determine the interest rate you’ll be offered. Borrowers with high credit scores are usually offered lower interest rates, while those with lower scores may still get credit but will have a higher interest rate.
The three major credit reporting agencies may each assign you a different credit score, based on the specific information each has on file. But they follow a similar method to come up with that number, which range from 300 to 850. The median credit score in the United States is 723. Knowing your FICO score and understanding how it is calculated can help you improve your credit profile and thus affect what you pay for financing.
If you have experienced a bankruptcy, we want to help. We work with many lenders and banks. We will work hard to help you find the best interest rate and help you start to rebuild your credit. Getting a car loan after Bankruptcy is possible, and our team will work hard to find the best options for you.
