Got Good Credit? We Have the Car You Want in Wentzville!

Got Good Credit? We Have the Car You Want in Wentzville!

January 12, 2021  

Got Good Credit? We Have the Car You Want in Wentzville!

5 Star Auto Plaza is a great dealership to work with if you are looking for good credit auto loans in Wentzville. Even if you have bad credit, we are a great place to come to. We work with all our customers to ensure they get the best possible deal and interest rates when buying a used car from us.

How Your Credit Score is Determined

Understanding what is involved in a good credit score is important. When you know what impacts your rating, you can do your best to make sure yours is a good as possible. There are several places you can get a free credit report, and they tend to use the VantageScore model. The proprietary FICO score tends to be more expensive to use. Keep in mind; your credit score can vary within a few points with different companies. Consumer credit reports are used to determine your score.

Each model gives a different weight value to certain factors. Here is an example of how the FICO models work:

  • Payment History – This is approximately 35% of your credit score. You don’t have to pay off your balances monthly to have a good impact, but you need to make your payments on time and make the minimum due. Doing this can boost your credit score. Things like repossessions will hurt this section.
  • Credit Capacity – This comprises another 30% of your FICO score. Your credit capacity consists of the credit that has been extended, such as your credit limits on your credit cards or loans and the percent of that credit that is available. Try to keep your credit utilization to 30% or less.
  • Age of the Account – How long you have had the account is worth approximately 15% of the score. The longer you have been able to do well with a credit card or loan, the better. New situations like buying a house cause your credit to dip a bit, but it bounces back quickly.

With this knowledge, you can try and maintain your credit. When you are ready for a good credit auto loan in Wentzville, give us a call at (636) 940-7600.