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What Determines Your Credit Score?

What Determines Your Credit Score?
When looking into buying or leasing a car, you’ll want to know your credit score. But you also want to understand why you have the credit score you have, and what could be negatively or positively impacting it. Here are some things that determine your credit score.

On-Time Payments

How many payments you’ve made on time and how many you haven’t are the biggest factors of your credit score. Even one missed payment can drastically affect your credit score, especially if it’s good, so make sure to stay on top of payments.

Credit Card Utilization

Of your credit cards that are open, how much are you using of each? The less you use, the better it looks. Something else that can help this is paying off some of or all of your credit cards in full each month.

Length of Credit History

The longer you’ve had your accounts open, the better. The longer you’ve had accounts, the better credit bureaus can assess your credit history.

Number of Accounts

The more accounts you have, the more you’ve been approved for. This is why having more accounts actually betters your credit score.

Have questions? Ask our finance department here at Chip Wynn!
3147 Park Avenue


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Contact Information

3147 Park Avenue
Paducah, KY 42001
Phone: (866) 207-4893
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