Credit Score Factors

in Hereford, TX

To help secure an auto loan with a good rate on your new or used Ford, it’s usually important to have a healthy credit score. A weaker score doesn’t automatically disqualify you from getting approved for an auto loan, though! Our team at Whiteface Ford understands how your credit score can be confusing, and that’s why we have decided to address a few frequently asked questions below! If you are ready to get pre-approved, you may fill out our online application.

If you have any other questions about your credit score or you would like to talk further about your auto loan options, please contact us!  Our team in Hereford, TX is standing by. We look forward to helping you.
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What Factors Go Into My Credit Score?

Your credit score is composed of five things: your payment history, the amount of debt you have, your credit history length, your credit mix, and the number of times you’re applying for new credit.

Does Multiple Credit Cards Affect My Score?

It depends. While having more credit cards can increase your overall credit limit and reduce your balance-to-limit, you have to be careful. If you have a high balance on multiple credit cards, your score might be negatively impacted.

Will A Cosigner Help Me?

Yes and no. When someone with healthy credit cosigns on a loan, you may potentially qualify for a better finance rate. However, the risk falls on the cosigner. When someone cosigns, they are saying they will pay for the loan if the other person falls behind on payments. It’s very important to understand the responsibilities of having a cosigner before signing.