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What Determines Your Credit Score? | Riverhead Nissan

Your credit score is a number that lets prospective lenders know how reliable you are as a borrower. It’s really that simple. After you can get your head around that, there are a number of factors that go into your score.

# 1 - How long you’ve been borrowing (and paying back)

Remember, your credit score is used by lenders to get an idea of how well you will pay them back. So, if you don’t have much of a credit history, it’s more difficult for them to make that decision. This is why length of credit history can affect your credit score.

# 2 - Mix of credit

Lenders also want to see if you can handle different kinds of credit. This further proves that you are reliable and financially responsible.

# 3 - Payment history

This is the single most determining factor when it comes to your credit score. It’s simple. Have you made your payments on time? Late payments are most often the cause of a lower credit score.

# 4 - How much you owe

Owing money is actually a good sign. You want to have a strong credit history. It’s about the ratio of how much credit is available to you and how much you owe.

# 5 - New credit

When you open a number of accounts in a short period of time, this can signal to your lenders that you are in financial trouble.​ 

Want more information? Stop by the Riverhead Nissan Finance Department- our trained staff is happy to help answer any questions that you might have!​ 

What Determine's Your Credit Score
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