Understanding Your Credit




An Important Number

Your credit score is a three-digit number credit bureaus develop by evaluating the information on your credit file. Along with your credit history, it has an impact on whether or not you are approved for a mortgage, car loan or credit card and what interest rate you'll pay.

The FICO Ranges

How FICO is calculated

Lenders use your credit score as a thermometer to determine if they're going to grant credit or not.

The median FICO score is 720 out of a possible 850. The riskiest customers have scores below 600. Higher scores are better and translate to lower interest rates.








Lending Industry Standard

A borrower's credit score has been proven to be the best predictor of the borrower's repayment performance. The three major credit bureaus generally use a formula developed by the Fair Isaac Corporation (FICO) to analyze the credit information they have on file for you. Your FICO score is what most lenders use to determine the interest rate you'll be offered. Borrowers with high credit scores are usually offered lower interest rates, while those with lower scores may still get credit but will have a higher interest rate. We will work with you and our several lenders to get you the best rate possible. 

Figuring Your Score

The three major credit reporting agencies may each assign you a different credit score, based on the specific information each has on file. But they follow a similar method to come up with that number, which range from 300 to 850. The median credit score in the United States is 723. Knowing your FICO score and understanding how it is calculated can help you improve your credit profile and thus affect what you pay for financing. 

Bankruptcy 

If you have experienced a bankruptcy Rocky Top Chrysler Jeep Dodge wants to help. We work with many lenders and banks. We will work hard to help you find the best interest rate and help you start to rebuild your credit. Because of our low prices many times we are able to get your loan approved even if others have failed in the past. Getting a car loan after Bankruptcy is possible, our team will work hard to find the best options for you.

Buying a Car

When you're ready to buy, fill out our credit pre-qualification form and browse our complete inventory of new and used cars for sale in Kodak, TN. We've got a huge selection of new cars from Chrysler, Dodge, Jeep and Ram, so you're likely to find the right car, truck or SUV that suits your lifestyle. Visit us today and our helpful staff can answer any question you may have about financing, vehicles, parts, accessories, service or anything else! Come take a test drive today, you'll be glad you did!  


Have Questions?  Use the form below to contact one of our helpful staff members! Ready to Buy? Apply Here. 

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