It’s important to know your credit score if you’re looking for yes car credit. Starting in the spring of 2008 it became even more important because of the news from the Fair Isaac Corporation.
Fair Isaac Corporation, in case you’re not familiar with them, is the company that invented the FICO credit scoring system back in 1956. In early 2008, it introduced a new version called of the system called FICO 08. According to the company, the new system is more forgiving when it comes to the occasional credit slip-up, while also changing the way that it treats so-called “repeat offenders”.
One of the biggest changes has to do with “piggybacking” on another person’s account. Here is how that practice worked: some yes car credit repair agencies were placing people that signed up for their services, as “authorized users” on the account of a stranger who had good credit (and had given them permission to do this and was being paid by the yes car credit company). This had the effect of raising the credit score of the “authorized user”. To help stop this practice, FICO 08 will no longer take into consideration the better credit of the account holder when determining the credit score of the “authorized user”.
What this means to you, the consumer, is that if you haven’t checked your credit report and FICO score lately, it is possible that the new metrics of FICO 08 have changed your credit score in either a positive or negative way.
It also means that if you do have any non-applied for credit (doctors, hospitals, etc.) showing on your credit report, now would be a good time to set up payment plans so that those bills do not start appearing on your credit report as delinquencies, as this type of negative credit can affect your FICO score now even more than in the past.
The first step for yes car credit is to request your free credit report from each of the three credit bureaus. They can be requested one at a time, so that you can space them out throughout the year, or simultaneously, at the following web site: www.freecredit360.com.
Tags: Car Credit