Home

  • 1-888-434-6267
  • 1-866-495-5961
  • 1-866-495-6001
  • 1-866-495-8971
  • 1-855-587-2368
4886 State Route 59, Ravenna, OH 44266
Map
Home

Finance FAQ


Credit is essential for borrowing money. It represents likelihood that a person will repay the borrowed amount. Creditworthiness is rated by the three credit reporting agencies and FICO. Understanding how credit works can be confusing. Below are the answers to some frequently asked questions. If you have additional questions, don’t hesitate to contact our Finance Department at 1-855-482-5958.


What is a credit score?

A credit score is a number that summarizes the historical credit information on a credit report. The number reflects the likelihood that you will become delinquent on a loan or a credit obligation in the future.*


How do I know if my credit score is good or sub-prime?

Credit scores range from 300 to 850. By borrower standards, a “good” credit score is anything above 700. The average credit score is around 680. Anything below 620 is considered “sub-prime” or a poor score.


I have bad credit, what should I do?

It’s nearly impossible to have perfect credit, so if your credit is less than perfect credit, don’t worry. You’re not the only one. Credit scores can be damaged in many ways: having too much debt, not having enough debt, late payments, etc. The first step to improving your credit is by getting reports from all three reporting agencies, which will help you understand where you may be having issues. Your reports may contain inaccuracies that can be corrected to help get your credit back on track. Paying down large loans and paying all of your bills on time will help bring your score back up.


How do I maintain a good credit score?

Once you have reached a good score or for those who already have a good credit score, rest assured that it’s much easier to maintain a good score than to improve a poor one. Simply continue healthy financial habits you have developed, for example making payments on time and shopping on credit only when necessary. Don’t close old accounts and avoid large purchases on credit cards.