You may not think about your FICO score (credit score) often, but it’s extremely important when it comes to qualifying for the best loan rates. It can also affect a number of other areas of your daily life—like opening utility accounts, getting a cell phone plan, renting an apartment or even being hired for that dream job.
There are five things that the credit bureaus use to determine your score: Your payment history (making timely payments), the amount of money you owe in relation to your credit limits, the length of time you’ve had a credit history, how much new credit you have and the mix of credit cards and loans you have.
An “Excellent” score—a score between 720 and 850—will get you the best loan rates available, and that means lower monthly payments. Let us help you go from where you are today to an “excellent” score. Give us a call or stop by any
Bronco office and we’ll walk you through the steps to get there.
