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Wilson Auto Group

4200 Lakeland Dr
Directions Flowood, MS 39232

  • WILSON KIA: (888) 379-0815
  • WILSON PREMIER HYUNDAI: (888) 596-1348
  • WILSON HYUNDAI: (888) 711-0160
  • COLLIERVILLE CJDR: (877) 403-1964

Where there's a Wilson there's way!

Finance Tips

About Credit Score

When you apply for credit ? whether for a credit card, a car loan, or a mortgage ? lenders want to know what risk they'd take by loaning money to you. FICO® scores are the credit scores most lenders use to determine your credit risk. You have three FICO scores, one for each of the three credit bureaus: Experian, TransUnion, and Equifax. Each score is based on information the credit bureau keeps on file about you. As this information changes, your credit scores tend to change as well. Your 3 FICO scores affect both how much and what loan terms (interest rate, etc.) lenders will offer you at any given time. Taking steps to improve your FICO scores can help you qualify for better rates from lenders.

For your three FICO scores to be calculated, each of your three credit reports must contain at least one account which has been open for at least six months. In addition, each report must contain at least one account that has been updated in the past six months. This ensures that there is enough information ? and enough recent information ? in your report on which to base a FICO score on each report.

About Fico Score

Credit bureau scores are often called "FICO scores" because most credit bureau scores used in the U.S. are produced from software developed by Fair Isaac and Company. FICO scores are provided to lenders by the major credit reporting agencies.

What's in your Fico Score

FICO Scores are calculated from a lot of different credit data in your credit report. This data can be grouped into five categories as outlined below. The percentages in the chart reflect how important each of the categories is in determining your FICO score.

Payment history: 35%, Amounts owed: 30%, Length of credit history: 15%, New credit: 10%, Types of credit used: 10%

These percentages are based on the importance of the five categories for the general population. For particular groups - for example, people who have not been using credit long - the importance of these categories may be somewhat different.

source: myFico

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