What Determines Your Credit Score?

Find Out What Determines Your Credit Score and How it Affects the car Buying Process

Many factors should be considered when purchasing a new Ford or a used car, but your credit score is probably one factor that is the least thought about. Simply put, a credit score is a numerical representation of your credit history. It's affected mostly by your ability to repay a loan on time. That said, financing a vehicle doesn't need to be a painful process when you shop with us. Stop by Purchase Ford Lincoln to explore all your options so that you can drive away happy.

Pay Your Car Payment and Other Bills on Time

Paying your bills on time is the most important thing you could do to improve your credit score. Even if the debt you owe isn't that much, it is essential that you make all your payments on time. You should also try to diminish any outstanding debt as much as possible, and avoid applying for credit needlessly. Did you know applications for credit show up as inquiries on your credit report? 

This indicates to lenders that you may be taking on brand-new debt. There's no reason to worry because that's where Purchase Ford Lincoln can help! By stopping by and talking to us at our dealership first, you can get the best price the first time around, so you aren’t applying for credit all over Kentucky.

How Long Does It Take to Rebuild a Credit Score?

It does take time! If you have any negative information on your credit reports, such as past due payments or too many inquiries, you will want to pay your bills and wait. Time is your partner when it comes to improving your credit score. As you may know, there is no rapid fix for poor credit scores, and getting good credit is not going to happen overnight. But we're able to help you start the process. 

The amount of time it takes to rebuild your credit history after a negative change varies for everyone. A lot of negative changes in credit scores can happen when there is another negative component to your credit report including delinquency or missing a credit card payment. These different elements will continue to influence your credit scores until they reach a certain age.

Quick Tips for Keeping Your Balances in Check

  • Ask for higher limits from credit card companies because higher limits lead to better ratios.
  • Pay off your cards that are over the limit first, and pay them until they are within the limit.
  • Do not just start closing cards! It’s better to pay them off completely one at a time.
  • Keep your oldest card open. Again, don’t close your cards all at once. Pay all your cards off first, then close the ones you do not use until you have four cards left.

Don’t forget to reach out to our finance managers if you have any further questions about credit issues or obtaining a car loan. You can even complete our finance application online to get a head start on financing. Remember, we want to help you drive away in a vehicle you’ll enjoy for years to come.



Visit Purchase Ford Lincoln to Get Started on Automotive Financing

Our customers usually know what type of vehicle they are searching for before they come in to see us, but sometimes they don't have nearly as much information about the financial portion. If you need assistance, stop by Purchase Ford Lincoln, contact us online, or give our team a call. We look forward to meeting you soon.

Contact

Purchase Ford Lincoln

1352 Highway 45 North
Directions Mayfield, KY 42066

  • Sales: 270-247-9300
  • Service: (270) 247-9300
  • Parts: (270) 247-9300

Hours

  • 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
  1. Purchase Ford Lincoln

    1352 Highway 45 North
    Mayfield, KY 42066

    • Sales: 270-247-9300
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