Is 700 a good credit score to buy a car?
It is considered good to have a credit score of 700 or higher, which meets the credit requirements for the purchase of a vehicle. Many factors are used to calculate your fico score, including payments you made, use of the data and a good mix of Primary Tradeline reports in your file. If you have a good score, like 700 or higher, cars are one of the most straightforward items to finance. If you achieve this score, you will be placed into the lowest risk category to receive authorization for an automobile. Why you can dispute anything from your credit report The credit rating agencies want you to think that they doing an efficient job reporting your financial history. The truth is they do a below average job which is why there is a good chance that your credit report contains at least one error and this can be very damaging and impact your life. Is 700 a good credit score to buy a car? CLICK HERE TO BOOK A FREE CONSULTATION Statistics from the National Association for State Public Interest Research Groups: 79% of all credit reports contain at least one error. 54% of personal information contained in the survey is inaccurate, including a name that was misidentified, incorrect birth dates, an incorrect Social Security number or no address at all. 30% listed paid off and closed accounts as being open. If there has been a late payment on any of those accounts it can be detrimental to your credit report. 22% have the same loan listed twice which affects the debt to income. If there are duplicate late payments, your score is penalized twice. 8% did not include a major credit card, loan or mortgage which would have provided positive credit and increased the borrower’s score if it had been included. The truth is 4.5 billion credit information files are processed each and every month by approximately 30,000 data entry clerks. A 1% error rate would amount to 45 million errors will be made every month. Therefore, it is important to have this knowledge which will give you the confidence to repair your credit. Understand that when you are disputing negative items on your credit report, you’re not doing something out of the ordinary. Know your rights. The Law’s protecting you! The US government is making too many mistakes in penalizing those who are not guilty. In the interest of protecting its people, it was forced to take action and adopt laws. You know, the law is meant to protect you and it won’t require you to keep negative information on your report. These are things you need to know: CLICK HERE TO BOOK A FREE CONSULTATION AND REPAIR YOUR CREDIT How to obtain good credit and is 700 a good credit score to buy a car? Credit Success starts with removing all negative information on your credit report and then you start building your credit to get approved and maximize your financial future. CLICK HERE TO BOOK A FREE CONSULTATION