Credit Where Credit Is Due
Confused about credit? Don’t be embarrassed if you are—the idea of credit and credit history confuses a lot of people. But as a Solution Specialist, I get asked about credit a lot. And since March is National Credit Education Month, I figured I would share some facts about credit everybody should know.
Keep Your Oldest Cards—I know it’s tempting to cancel old credit cards when you get new ones or after you pay old ones off. But the length of your credit history makes up about 10% of your score. For many people, credit cards were the first item on their history. If you get rid of these cards, you’re also getting rid of the years of credit history that comes with them.
Negative Marks Don’t Stay Forever—We’re all human, and we’ve all made a few mistakes in the past. Fortunately, negative items don’t stay on our credit report forever. So don’t stress if you’ve had a few bumps in the past. If you’re doing your best to get on the right track and improve, those marks have the chance of dropping off in the future.
Checking Your Score Doesn’t Affect Your Score—Some people are nervous to check their score because they’ve been told checking your score lowers it. And while it’s true when professionals pull your score to assess whether you’ll be approved for a loan it may lower it, you can check your score regularly without penalty. I recommend using a website that allows you to check your score for free.
You Don’t Need Perfect Credit To Be Approved—I hear it all the time, people don’t think they’ll be approved because their credit isn’t perfect. But I’m here to tell you that when it comes to getting approved, my team looks at more than just your credit score. We love helping hard-working people drive cars they love, regardless of credit history.
I hope these facts have helped clear up some of the mystery around credit scores. But remember, if you still have questions about credit, you can visit my team of dedicated Solution Specialists anytime to have a one-on-one conversation and show you how you could drive a Nicer, Newer® today.