Estimating your credit score

Having a high credit score could mean big savings for you!

At O'Steen Volvo of Jacksonville, we want you to shop smarter by saving time and money.

Your credit score is a number used by lenders that represents your credit worthiness and likelihood to repay a credit card or loan. Having a high credit score means you are a borrower who is less likely to default so a better interest rate can be offered potentially saving you thousands of dollars. A low credit score means you may be considered a poor credit risk, therefore, a higher interest rate and down payment may be required or the credit may be denied altogether.  

The general factors that affect your credit score are:

Payment History

  • Have you paid your bills on time?
  • Are there late payments, delinquencies, collections or bankruptcies in your past?
  • How long were the payments past due?

Amount Owed

  • Are you over extended?
  • How much do you owe?
  • How much debt do you have compared to credit limits?

Credit History

  • How long and how good has your credit history been?

Types of Credit

  • How many credit accounts do you have and what type are they? (installment, mortgage, revolving etc.
  • What is the mixture?

New Credit

  • Have you applied for new credit lately?
  • Are you trying to obtain a number of new loans at the same time?
  • Have there been any credit inquiries by those not monitoring your account? 

Your credit score is not the only consideration in making a loan decision, but it does provide a strong indication of your likelihood to repay a debt. Lenders will have other loan decision guidelines which may include your employment history and your ability to make the payments, among other things. At O'Steen Volvo of Jacksonville, we work with many local and national lenders.  Let us go to work for you!

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