At More Merchant we often talk about Credit Scores and risk. Here is a credit score list that shows approximately the various categories of credit score risk.
Credit Score Risk Categories:
| Low Risk | 726-830 |
| Medium – Low Risk | 700-725 |
| Medium Risk | 626-699 |
| Medium – High Risk | 551-625 |
| High Risk | 330-550 |
Basicaly these are the scores that loan officers look at for quick check on how risky you are. Knowing this can save you money. Car salesman often use this number to tell you that you are higher risk and thus need a higher interest rate. Don’t fall for the trap. No your score. Go in armed with what your credit score really means. Anything above 700 is an almost automatic approval for a car loan and most other loans. this of course depends on your debt and income, but 700 is good. 650 and above is easy to get approved at any car dealer.
So know this when you go in and you can save thousands of money on your next car.
[tags]credit score, save money, car dealerships, buy a car[/tags]
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