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Credit Score 101 | La Crosse, WI

Credit Score 101 | Pischke Motors Nissan | La Crosse, WI
If you plan to finance your new vehicle, financial institutions will consider your credit score before approving your loan. Therefore, knowing how your credit score works and how to improve it is important before considering purchasing a new vehicle.

Here are the main components of your credit score:

Payment history

This is the most important aspect of your credit score; it comprises roughly 35% of it. When you pay bills on time or early, your score is stronger. On the other hand, if you regularly miss payments, your score may suffer. Don’t just think of the big payment either; it’s more than rent or house payment, credit card bills, and student loans. It includes bills ranging from utilities to doctor’s visits to phone bills. To improve your score, pay bills on time with good checks or a card that won’t be declined.

Credit utilization

Credit utilization is a percentage that represents how much credit you have available and how much you actually use; it accounts for about 30% of your score. Typically, the lower this number, the better for your score. Why? Creditors like to see, for example, that you have $10,000 in credit available to you each month and you only use $1,000 of it. That is a credit utilization of 10% and indicates a low risk for creditors to invest in you.

Length of credit history

This one represents about 15% of your overall credit score and is pretty easy to understand. The longer you have been borrowing and paying back on time, the better your score. Creditors like to see how well you have made payments over the years.

New credit and credit mix

These last two each make up 10% of your score. New credit refers to how many lines of credit you recently opened; if you open too many lines of credit all at once, it signals to creditors that you might be in financial trouble. Creditors like to see a good credit mix (credit card, mortgage, car payment, etc.) as it shows you can manage multiple payments successfully.

If you have any financing questions, of course, the friendly financial department here at Pischke Motors Nissan would be happy to help.

Find Out More!

517 3rd Street S
La Crosse


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  • Wednesday
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  • Friday
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Contact Information

517 3rd Street S
La Crosse, WI 54601
Phone: (608) 791-3070
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