What Does Your Credit Score Mean?

March 15th, 2016 by

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If you’re looking for an auto loan in the Edmonton, Calgary, Fort McMurray, and Cold Lake area, you might not be sure what your credit score means. YEG Auto Credit can help you get the loan you need for a new car or a used car at rates you can live with, and our financing team can help you understand the ins and outs of credit scores.

Poor — Below 620

A poor credit score means that most lenders and credit companies will see you as a bad credit risk. You may not be able to get loans for a car, home, or business, and you may not be able to open up a new credit card. A poor credit score may be a result of situations such as bankruptcy, a divorce, or other catastrophic financial circumstances.

Fair to Average– 620 to 700

A fair credit score may mean that you’ve been working to improve your credit score to get out of the “poor” credit score range. This allows you to apply for many mortgages, as well as most auto loans, opening up the potential to own your own car or house. You’ll also be able to qualify for many credit cards with a fair credit score, although the best rates may not be available to you. You can improve a fair credit score by making regular payments on a credit card, mortgage, or a car loan.

Good — 700 to 760

A good credit score means that you’ve been working hard to pay off your debts, but it also means that you regularly use credit and can be trusted with it. Good credit scores are often accompanied by loans that are paid off on time, credit cards that are used regularly and are paid off on time, and other financial responsibilities that you maintain. To keep your credit score good, check your credit report frequently to make sure that nobody has taken out any credit cards or applied for loans in your name.

Excellent — Above 740

An excellent credit score means that you’ll be able to easily secure most loans, and that you’ll be eligible for credit cards with the best rates. You may even be eligible for cards or loans with no interest rates.

Get Your Loan Today

Are you ready to get your loan from YEG Auto Credit today? Call us at 780-446-4558 or come see us at 13815 Manning Drive NW in Edmonton.

Posted in Credit Information