What Determines Your Credit Score?
Your credit score is a numerical representation of your creditworthiness. In other words, banks and other financial institutions use it to determine the risk involved in giving you money. Though many people assume that if they simply pay their bills on time their credit rating will soar, there are several factors that determine this number. And, it’s incredibly important to understand your credit score, as it allows you to finance a loan, rent a home, or get a new car.
Cheat Sheet
The following factors determine your credit score:
- Payment History (35%)
- Amounts Owed (30%)
- Length of Credit History (15%)
- New Credit (10%)
- Credit Mix (10%)
Components Explained
Payment history is determined by whether you pay bills on time. Missing payments can have a detrimental effect on credit. Amounts owed includes the total you owe to other lenders, especially with regard to your income. The length of credit history is also one of the most important factors, as this shows lenders that you have a strong history of paying bills on time.
New credit and the credit mix account for ten percent each, but they are still important. New credit refers to the number of recent accounts opened—a string of new accounts signals to lenders that you may be risky. The credit mix is also important, as certain types of credit are better than others. Credit cards and other revolving credit aren’t as good as long-term plans like mortgages or car payments.
Have questions about financing? Stop by Bill Seidle's Nissan today. Our experts will provide information about credit and financing, and they are also dedicated to finding you the best options available if you’re looking for a new car loan.
Bill Seidle's Nissan is your local dealership for new Nissan vehicles! Stop by today! We're located at 10500 NW 12th Street in Doral, FL 33172.
Contact Us
If you would like to learn more about any of these commercial Nissan vehicles or would like to take one out on a test drive, contact us or visit us any time, here at Bill Seidle's Nissan!
For more information, please call 305-637-5319 and ask for our Commercial Vehicle Department or fill out this form.
Make an InquiryBill Seidle's Nissan
10500 NW 12th Street, Doral, FL 33172
Contact UsHours
| Monday | 9:00AM - 9:00PM |
| Tuesday | 9:00AM - 9:00PM |
| Wednesday | 9:00AM - 9:00PM |
| Thursday | 9:00AM - 9:00PM |
| Friday | 9:00AM - 9:00PM |
| Saturday | 9:00AM - 8:00PM |
| Sunday | 11:00AM - 7:00PM |
| Monday | 8:00AM - 6:00PM |
| Tuesday | 8:00AM - 6:00PM |
| Wednesday | 8:00AM - 6:00PM |
| Thursday | 8:00AM - 6:00PM |
| Friday | 8:00AM - 6:00PM |
| Saturday | 8:00AM - 5:00PM |
| Sunday | Closed |
| you break it we fix it | |
| Monday | 8:00AM - 6:00PM |
| Tuesday | 8:00AM - 6:00PM |
| Wednesday | 8:00AM - 6:00PM |
| Thursday | 8:00AM - 6:00PM |
| Friday | 8:00AM - 6:00PM |
| Saturday | 8:00AM - 5:00PM |
| Sunday | Closed |