If you get turned down for credit or don’t qualify for the best interest rate offered, you’ll want to understand what those two-digit FICO reason codes stand for in the letter you receive.
Your credit score is what lenders will use when making decisions about you, so it’s rather important. There are several different credit scoring models, but FICO is chief amongst them. The majority of lenders use FICO scores, so it is the one you’ll want to focus on.
The Consumer Financial Protection Bureau fined the credit agency Experian $3 million last week. Let’s take a look at why Experian was fined and what consumers can learn about their credit scores from this.
There is no minimum credit score needed in order to qualify for an auto loan. If you are dealing with bad credit, it can be more difficult to get approved. However, special finance lenders will consider many factors, so there is no minimum credit score needed.
Looking for ways to check your credit score for free? Marilyn Lewis of MoneyTalksNews recently highlighted six ways that consumers can access their official FICO score at no cost. Monitoring your credit score gives you more control over your financial life.
New PowerView Score from Equifax and LexisNexis will use additional information to create a more accurate credit score for borrowers applying for new and used car loans.
Have you ever gone to a car dealership only to learn that the credit score they have for you is different than the one that you previously obtained? This may be because they are looking at your automotive-weighted credit report, which scores you based on your past performance with auto loans.