Once again people think that score is everything, it is not. 680 is a average score.
Score is made up of the following:
1. Payment history 35%
2. Time in bureau 15%
3. New credit 10%
4. Type of credit used 10%
5. Debt to income ratio 30%
I have been in the vehicle finance business for over 7-years and have seen several people with scores over 700 that could not finance a vehicle because their score was based on a credit card with a $500.00 balance paid 20-times as agrred and a couple of student loans with nothing that would qualify them to purchase a vehicle.
Banks look at several things how much are you trying to borrow in relationship to what the vehicle books for in N.A.D.A., how long are you trying to borrow the money for, how much are you putting down, how many miles are on the vehicle, how old is the vehicle, how long have you been on your job, how much do you make a month, how long have you been at your residence and do you budget for the vehicle you are trying to buy.
As you can see, there are several things that enter into the banks decision that are much more important than score.
I really wish that people that do not know what they are talking about would stop trying to answer these type of questions.
I am a Fiance Manager for a dealer in Oklahoma with over 7-years experiance.