When purchasing a vehicle, your credit score plays a major role in whether or not banks or credit unions will agree to offer you financing. Plus, the higher your score, the lower your interest rates will be. Unfortunately for many people their credit score is bit of a mystery. How does it get calculated? How can someone raise their score? What is the difference between “hard” and “soft” credit inquiries? First, the basics: Your credit score is a number calculated by credit bureaus to describe your creditworthiness – how likely you are to repay your loan on time. It can range from the 300s to the 800s. The higher the score, the better. Credit scores fluctuate with time and changes in your credit performance. Most recent credit activities carry the most weight. Past credit issues fade over time. Your score is made up of five components (This information is from Dupaco Community Credit Union): [...]