Credit

Credit
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  • Hey Adam how are you? I want to buy a car but I need a loan. My credit score is not good lately so I am not sure if I should buy a car now or wait longer. 
  • Nice to see you Emma. I know a lot about credit. What can I help you with?
  • Hi Adam. I have a few questions for you about credit scores. Someone told me that a poor score will haunt me forever. Is this true? 
  • Hey Emma. That is false. A credit score is a snapshot of your risk at a particular point in time. Over time, if you put in the work, you can improve it. 
  • I have a few more questions.
  • Good questions Emma! Lenders use a number of facts to make credit decisions including your FICO scores. They look at information such as the amount of debt you can handle given your income, your employment history and your credit history. FICO score ranges from 300-850.
  • How do lenders determine my credit score? What is the credit score range for FICO? 
  • Hi folks, I am Mr. Deane. I overheard you guys talking and Emma would get an interest rate of 15 percent and Adam would get one of 5 percent. 
  • That is such a high interest rate! Why is my interest rate higher than Adam's?
  • Credit scores impact the interest rates that lenders give. 
  • Oh! Good to know Adam. I think I will postpone getting a car until I bring up my credit. Thank you for all of your help Adam and Mr. Dean.
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