Your credit score plays an important role when financing a vehicle. Once you’ve found the right car or truck, your credit score helps determine first if you’re qualified for an auto financing contract, and second, the finance rate associated with the credit. It’s a powerful number and according to Bankrate.com, it pays to maintain a good credit score. Bankrate says the better your credit score, the lower your finance rate.
What makes up this important number? What happens to your credit score if you make a late payment, or max out a credit card? With Bankrate.com and myFICO.com, we explore what a credit score is, how much specific changes affect a score, and what goes into a credit score. You can learn more about the five major categories that make up a credit score here.
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Comments
Tim B. on February 27, 2014 at 3:56pm
I'm concerned that my credit score, although improving, will not allow me to finance a new car at competitive rates. Are you going to share with me what my score is currently?
Leah B. on February 27, 2014 at 4:26pm
I am interested in seeing my credit scores, but only if the service is free
Charlotte on February 27, 2014 at 5:32pm
I have been with Ally bank for 6 years and never once late on a payment. I do have more than half of credit card debt and afraid that I will be turned down for a new lease if I don't get these balances down. My income is secure with a soc. sec. income and a military pension. It's not like I'm going to lose a job and have no income.
Ralph P. on February 27, 2014 at 7:56pm
I don't think Ally will finance me my score has dropped down to around 560. I was out of work for 1 year and just started back at Jefferson Chevrolet in Detroit, MI
Rebecca T. on February 27, 2014 at 8:27pm
Should have realized payment history is the most important. Have been working on that very closely the last year and now have the regular income to do so.
Juan B. on February 27, 2014 at 8:49pm
I am retired but I do not have any problem for my payments until now. If you can gave me a low rate or cancel rate,
Jesse on February 28, 2014 at 10:35am
If you have our credit scores why can you let us know what it is? Why do we have to pay to see what our score is? It would help us to keep an eye on our credit and try to improve it.
harry h. on February 28, 2014 at 10:39am
recently applied for a auto loan was told not enough income don't know how that could be with a income of 4900 a month between the 2 of us but it was think someone screwed up been with alley a long time never late or missed a payment
William L. on February 28, 2014 at 10:40am
Ally, I want to thank you for this information and would love to know might Credit Score. Can I get that from you or is there a better way? Thank you, Bill Layhe
Glen on February 28, 2014 at 1:12pm
i have things on my credit report that should be long gone. how do i get them removed? i know it is hurting my score and one agency has me having a foreclosure which i have never had?? what do i do?? do you help with any of this??
john c. on February 28, 2014 at 1:14pm
I just want to know what my credit score is for future use , I know of no reason why it should be low.
Joseph T. on February 28, 2014 at 7:40pm
I think my 9.25 rate should go down by now. If not I will have to go to my bank. They have ask me to change 2 or 3 times and I think I should have done it the first time considering the percentage rate. I have paid on this car for a year and have paid almost a thousand $ I might pay it off before I die
bear on February 28, 2014 at 11:11pm
ally its not easy being me! but thanks for the advice.
carl r. on March 1, 2014 at 12:27am
wish i could pay direct using my debit card that has my monthly social security on it
Robert B. on March 1, 2014 at 7:33am
One thing that was not mention here is hard inquiries. A year ago I re-finance my house and because I wanted the best rate possible I requested information from several banks and lenders, they in turn generated their own inquiries which had a very negative effect on my credit score. As you can see from my payment history I am a positive risk and hard inquires has no bearing on how I make my payments. Thank you.
Sundance446 on March 1, 2014 at 7:52am
Is it safe to give ss# to have credit rating searched
Robert C. on March 1, 2014 at 9:04am
thanks for the info
Robert C. on March 1, 2014 at 9:05am
thanks
Alex B. on March 1, 2014 at 11:14am
Payment history give best indication of effect on credit.
Nicholas A. on March 1, 2014 at 2:00pm
can I assume payments on a loan held by another individual?
Pauline on March 1, 2014 at 3:32pm
When my daughter was in school I gave her a credit card as a second person allowed to use the card to help with student expenses. I believe she has a large amount still on this card. My question is will this affect my credit score.
Anna S. on March 1, 2014 at 10:47pm
I have really had no problems with Ally
Kathryn K. on March 2, 2014 at 9:29am
I have a chronic disease that will always leave me with high medical bills. Even though I pay on them most all are in collections. I'm talking over 23,000$ worth. It affects my score. What can I do, as I will never get this paid off.
Jennifer on March 2, 2014 at 11:01pm
I would like to know if my crimanal record is hurting my credit report?
Ally A. on March 3, 2014 at 11:17am
That’s very smart, Rebecca!
Ally A. on March 3, 2014 at 11:17am
Hi Ralph, check with Jefferson (or a local dealer of your choice). They will be able to assist you.
Ally A. on March 3, 2014 at 11:18am
Hi Charlotte, thanks for your comment. Your local dealer would be happy to discuss a new lease with you!
Ally A. on March 3, 2014 at 11:18am
Thanks for your comment, Leah!
Ally A. on March 3, 2014 at 11:18am
Hi Tim, you can access your credit score by contacting a credit reporting agency, for example, Equifax, Experian, or TransUnion. You can also visit your local dealer who will be happy to walk through your financing options with you.
Donna on March 3, 2014 at 12:31pm
I over pay on my month car payment with Ally. Does that help your credit score?
Ally A. on March 3, 2014 at 12:52pm
Thanks for your comment, Anna!
james b. on March 3, 2014 at 1:43pm
Ally been good to me all buy my next car from them
Ally A. on March 3, 2014 at 4:26pm
Hi Donna, that’s a great question. Paying your bills on time could help your credit score, however, we recommend contacting a credit reporting agency to discuss this further.
Ally A. on March 3, 2014 at 4:27pm
Hi Pauline, if your daughter is an authorized user on your credit card or a joint account holder, the account will appear on both of your credit reports. We recommend contacting a credit reporting agency to discuss this further.
Ally A. on March 3, 2014 at 4:27pm
Hi Jesse, to view your credit score, you can contact a credit reporting agency.
Ally A. on March 3, 2014 at 4:29pm
Hi Harry, did you visit your local dealer? Please feel free to give us a call at 1-888-925-2559 to discuss your situation.
Ally A. on March 3, 2014 at 4:30pm
Hi Bill, to view your credit score, contact a credit reporting agency.
Ally A. on March 3, 2014 at 4:31pm
Hi Glen, it would be best to check with a credit reporting agency. They should be able to assist you in disputing any items on your credit score.
Ally A. on March 3, 2014 at 4:31pm
Hi John, to view your credit score, contact a credit reporting agency.
Ally A. on March 3, 2014 at 4:31pm
Hi Juan, please give us a call at 1-888-925-2559 and we can discuss your rate with you.
Ally A. on March 3, 2014 at 4:32pm
Hi, most credit reporting agencies will ask for your SSN in order to generate your credit score and summary.
Ally A. on March 3, 2014 at 4:33pm
Thanks for your comment, Alex!
Ally A. on March 3, 2014 at 4:33pm
Hi, is this referring to an Ally Auto financing contract? If so, please give us a call at 1-888-925-2559 to discuss.
Ally A. on March 3, 2014 at 4:34pm
We’re sorry to hear this, Kathryn.
Ally A. on March 3, 2014 at 4:35pm
Hi Jennifer, you can contact a credit reporting agency for your credit report.
Ally A. on March 3, 2014 at 4:36pm
Thanks for being a customer, James!
Ally A. on March 3, 2014 at 4:37pm
Hi Joseph, please give us a call at 1-888-925-2559 and we can discuss this with you.
Ally A. on March 3, 2014 at 4:38pm
Thanks for your comment, Robert!
Ally A. on March 3, 2014 at 4:38pm
Thank you for your feedback, Carl.
Lacy on March 3, 2014 at 8:32pm
Thanks Ally, you helped make dreams reality. Now,can can an auto loan work like a home mortgage if set up on contract payments for every two weeks paying the same monthly payments?
Seana on March 4, 2014 at 2:57am
I've heard that having your credit checked by one or all three main credit report companies * Equifax, Experian, or TransUnion * or other possible future companies that you may want to do business with that check your credit score, even personally, that it brings it down a few points every time. Is this true, and please don't reply by telling me to "ask the credit reporting agency" for the answer. I have worked a life time to go from no credit to difficult times of bad credit to now having a great score. I would like to keep track of it more especially with fraud and identity theft as rampant as it is. And if it is true, why would I be in a way, penalized, for keeping it checked? Thank you for any helpful advice you can give me.
Ally A. on March 4, 2014 at 3:50pm
Thanks for being a customer, Lacy! Please give us a call at 1-888-925-2559 to discuss your payment options.
Ally A. on March 4, 2014 at 4:02pm
Hi Seana – you’re smart for wanting to monitor your credit score closely. In addition to reaching out to a credit reporting agency, you can find helpful information at other reputable sources such as USA.gov. We always recommend going to the source for the best advice!
James C. on March 5, 2014 at 3:00pm
I have been improving my credit score over the last several years a couple years ago I financed though a SHADY company called Santander Consumer at a rate of 22% paid off the car and financed almost $26,000 loan I bought the car for $21,000; that was with a co signer even and with no mess ups and paying off debit! Now ally gave me a loan in Oct for almost 17% not so bad with no ones help but they won't give me a checking or savings account... This is crazy I would really like someone from ally to send me an email who can contact me and maybe get me a savings and checking account. I also find it odd the you need 2 different log ins when both are ally products. I was told it has to do in 2008 they starting banking not just auto. But both systems should talk to each other!
Ally A. on March 6, 2014 at 1:20pm
Hi James, thanks for being a customer! We appreciate your feedback and will share it with our team as well as our partners at Ally Bank. If you'd like someone from Ally Bank to reach out to you regarding a checkings or savings account, please email your phone # to allycommunity@ally.com.
maddie on March 11, 2014 at 11:28pm
Does Ally do pre financing for new car loans? Does it help that my current auto loan is through Ally and I've not missed a payment? I did have a BK about a year ago but been working to rebuild. I kept my loan (lease) through the BK and was able to hold on. Now I'm back to work and making good $$$.
Ariel on March 23, 2014 at 9:44pm
Thanks for financing my new car last year. Will u finance me for another car now? I hope and pray u will again. Thanks
Ally A. on March 24, 2014 at 10:56am
Hi Maddie, first of all thank you for being a customer! We have an online pre-approval application that can be used for GM or Chrysler vehicles, which you can find here: http://bit.ly/1dSahrQ. If you’re looking at a non GM or Chrysler vehicle, please visit your local dealer. Let us know if you have any questions, we're happy to help!
Ally A. on March 24, 2014 at 11:56am
Hi Ariel, thanks for being a customer! Please visit your local dealership, once you’ve found your next car, you can apply through the dealership to see if you qualify for financing with Ally. Let us know if you have any questions, we're happy to help!
harry h. on March 28, 2014 at 10:46am
went to a dealer in Cheboygan to buy a used vehicle after being with ally for quite some time and my wife and I having a income of almost 5,000 a month and not the best credit score were turned down for a loan from ally never been late and always pay on time with this bank was told not enough income on a 45,000 vehicle that had a book of 49,000 surprised yes we are
Ally A. on March 28, 2014 at 3:58pm
Hi Harry, we appreciate you being a long-time Ally customer. We recommend reaching out to the dealer you worked with for more information on this.
harry h. on March 28, 2014 at 7:34pm
we already done this he said ally said no that was it said it was because of our credit score well I ask him did they see that we have never missed a payment or been late he said don't know out of my hands wish you had a number that a customer could call and talk to someone on why they got turned down after being a long time customer should take that into consideration
Jack on March 29, 2014 at 11:30am
I purchased a new Dodge truck (2013). My interest was high I have established a payment history at this time with Ally. Is there any way I could reduce my interest on the loan. I have had other financing companies asking to reduce the loan payments. I have had a good relationship with Ally and would prefer to stay with them. please provide information concerning this.
Ally A. on March 31, 2014 at 4:09pm
Hi Jack, please give us a call at 1-888-925-2559 to discuss this.
Ally A. on March 31, 2014 at 4:09pm
Hi Harry, please give us a call at 1-888-925-2559 to discuss this.
Lisa on June 10, 2014 at 12:40pm
I had an outstanding credit score of over 700. I bought a new vehicle with an interest rate of 6%, which I thought was pretty high. The dealership didn't disclose this to me until I was ready to sign the paperwork. Needless to say, I have since refinanced the car with my bank under a much lower interest rate. I will think long and hard before I finance a car through Ally again. Thanks but no thanks.
Ally A. on September 10, 2014 at 9:20am
Hi, we'd be happy to give you a call and discuss this, please email your phone # t allycommunity@ally.com.
Harry S. on March 1, 2015 at 6:35am
Why can't our FICO number score come each month printed on our statement in big letters @ the top?