Understanding what your credit score is and how it is calculated are very important. Many lenders, including Lone Star Credit Union, will determine the rate they offer on your loan request based on your credit score. The better your credit score, the lower the risk of default, and the lower rate of interest they will offer if they approve your request.
Find a helpful article on this topic here. It discusses:
Did you know there are many different credit score models and credit scores? Often we are told, “The auto dealer told me my credit score was higher.” This is because many auto dealers utilize an ‘auto enhanced’ credit score, one that places greater weight on the performance of auto secured credit vs. other credit types. We do not use ‘auto enhanced’ credit scores.
Under the Fair and Accurate Credit Transactions Act (FACT Act), consumers can request and obtain a free credit report once every 12 months from each of the three nationwide consumer credit reporting companies. AnnualCreditReport.com offers consumers a fast and convenient way to request, view, and print their credit reports in a secure internet environment. They also provide options to request reports by telephone and by mail.
Lone Star Credit Union encourages the responsible use of credit. We would be happy to discuss your current credit score (we will only pull your credit report with your permission) and the ways we could improve your financial well being. Contact LSCU if you're interested in this free membership benefit.
