• Chevrolet
  • Subaru
  • Honda
  • Hyundai
  • Nissan

Kupper Chevrolet-Subaru

1500 2nd Street NE
805 East Main St
Mandan, ND 58554

Credit Reports and Scores | Credit Score Ratings

Credit Reports and Scores - Know Yours Before Buying a Car 

Credit reports and scores are critically important to your car buying process. And it is best to know your credit score before car shopping to eliminate the risk of being disappointed. You don't want to find the car you have been looking for at the right price only to find out that your credit score ratings aren't good enough to be considered for a car loan. Here are some helpful tips to follow that will help you be in the best credit position possible as you buy your next vehicle.

Credit Reports and Scores - Tip #1: Begin Two Months in Advance

Compile your credit reports and scores two months in advance of buying a car. This will give you time to correct any errors in your credit score ratings, especially if the errors are lowering your score.  Most people would be surprised at how often errors are found in credit reports and scores. Be proactive and leave yourself enough time to fix any blemishes on your credit score ratings.

Experian, TransUnion, and Equifax are three major credit bureaus that track your payment history and financial obligations. Credit score ratings range between 300 and 900, with 300 being the lowest credit score. 700 and above is typically considered a decent score. However, scores under 620 may struggle during the loan application process, and if they are approved, the borrower will likely have to deal with a higher interest rate. 

You can maintain good credit score ratings by not missing payments and by paying down balances each month. You can't do one without the other and expect to have a good credit score ratings. Your credit rating will surely show the effects.

If there are errors on your credit score ratings, you will need to send a certified letter to TransUnion, Experian, and Equifax asking them to help you fix the problems. So, the two-month advance cushion is a safe bet so that you can get mistakes fixed in time for when you are ready to purchase a car. It is law that credit bureaus fix errors within 30 days. Sending a certified letter versus snail mail can help ensure that the error correction process runs as efficiently as possible.

Credit Reports and Scores - Tip #2: Get Your Report Online

You can request credit reports from online services like Free Score. If your credit score ratings are lower than expected, you can contact your credit card companies and request that they increase your limits. If you are a valued customer with a good history they may consider your request. You want to keep your balance less than 30 percent of the limit. Try not to have more credit cards than you need. This will just complicate things for you having to keep up with paying on too many cards. Keep things simple if possible, especially when concerning your finances. You want good credit score ratings with as little hassle as possible!

Credit Reports and Scores - Tip #3: Save Time with Pre-approved Financing

Once knowing your credit score ratings, why not save yourself the hassle and get pre-approved for a car loan at your bank before shopping for a vehicle? Once you find the car you want, the dealer you select may be able to beat your pre-approved rate ? saving you more money. It is in your best interest to have your credit reports and scores with you at the dealership because if you are considering financing through the dealer, they may bring up a different credit score than yours. This way you will have proof of your credit score ratings to review with them.

Credit Reports and Scores - Tip #4: Calculate Realistic Car Payments

Knowing your credit score ratings is important when making a car purchase, but so is knowing what you can realistically afford. General rules of thumb to consider are: 1) be able to make a 20 percent down payment, 2) setup a payment plan that lasts no longer than 48 months on a used vehicle, and 3) try to keep your monthly car payments to less than 10 percent of your total income. Use this helpful online tool for calculating monthly car payments.
false true
With this tool, you can search inventory at any time as you browse our site. Results will remain visible allowing you to click on individual vehicles and alternate between vehicle detail pages. Drag results to the GET YOUR EPRICE pane to quickly request information on vehicles of interest.
  Search Results Search Inventory