Determining What Kind of Credit You Have
rating is the number one factor that affects
the auto loan
rate you receive for your financing. Do you know what
kind of credit you have? We have outlined
the various different credit types below. In
addition to studying the information on this
page, we suggest that you obtain a
copy of your credit report before you
apply for an auto loan. Why? Because if
your credit score is less than expected, you
may want to look to improve your score
before you apply for financing; so that the
terms and rates you receive are more
favorable than if you don't look to better
your rating. Or there may be erroneous
information or even outdated information on
your credit report, that is adversely
effecting your credit score, and needs to be
If you credit is
not what you expected, or you have no
credit, you can learn information on how to
the information below...please note
that a tradeline is any credit or loan that
is listed on your credit report. A tradeline
can include credit cards, mortgages, auto
-- Credit score of 680 or above.
-- Consists of at least five years of credit
with a minimum of five tradelines. Each
tradeline must have no less than 36 months
of reported payments.
-- Typical credit history will indicate
minimal credit credit line usage. Meaning
you use your credit cards frequently, but do
not leave a balance on a month-to-month
-- No sign of late payments.
-- Very few credit inquiries.
-- Being a homeowner for two years helps.
-- Employment at the same job for one year.
-- Live at the same address for one year.
-- Credit score between 620 and 679.
-- Consists of at least three years of
credit with a minimum of three tradelines.
Each tradeline must have no less than 12
months of reported payments.
-- Typical credit card history will indicate
credit card usage with minimal usage of
-- No delinquent
Payment history must be current. One late
payments is OK.
-- Being a
homeowner for for one year helps.
-- Employment at
the same job for six months.
-- Live at the same address for six months.
-- No repossessions.
-- Bankruptcy OK as long as it has been
discharged for a minimum of two years. You
must also exhibit a strong history of
re-establishing your credit.
-- Few credit inquiries.
-- Credit score between 560 - 619.
-- Consists of
at least three years of credit with a
minimum of three tradelines. Each tradeline
must have no less than one year of reported
-- Minimal use of credit card lines.
-- Being a homeowner helps.
-- Credit history will reflect several late
payments. Accounts will still show as 'paid
Can have had two different jobs in the last
must be currently employed for at least six
-- Can have a
maximum of two different addresses in last
discharge is OK. Attempt at re-establishing
-- Several credit inquiries in the last
-- Credit score
between 400 - 559.
-- Reflective credit history of less than
-- High credit card line use.
-- More than one delinquent account, over
extended periods of time.
-- Accounts in collection.
-- Many credit inquiries in the last year.
-- No numerical credit score available
from the reporting agencies
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