New Credit Scoring System Affects Auto Loans

Ambitious students often focus on grade point average because that one number can influence future educational opportunities. In the "real" world, we're subject to a different numerical benchmark: the almighty credit score. Maintain a high credit score and opportunities abound, including qualifying for larger loans and lower interest rates. With a low credit score, you'll pay more interest, make higher down payments or not qualify to borrow at all.

The credit reporting agencies — Equifax, Experian and TransUnion — collect information from your creditors to create your credit history, which you can see in a credit report. They then use ... Back to article