If you think you might have a bad credit score in Billings, you may be concerned about getting a good auto loan. 

At Denny Menholt Billings Nissan, you don't have to worry about that. We offer Billings auto loans for all credit situations!

Still, that doesn't mean you should ignore your credit score. In fact, you should be armed with as much information as possible so you can continue to improve your credit.

The Top 5 Factors that Determine Your Credit Score

The three main credit reporting agencies (Experian, Equifax, and TransUnion) use FICO scores to help determine the credit report they pull for you. While each report will be slightly different, they all use similar criteria.

Here are the five main factors that affect your Billings credit score (starting with the most important).

1. Payment History (35%)

The biggest factor determining your credit score in Billings is your payment history. Car loan lenders in Billings want to know whether you've been responsible with repaying your previous loans — and whether you can be trusted to do the same in the future.

Here are some payment history elements that FICO takes into account:

• Whether you pay your bills on time
• How many late payments you've had
• How late those payments were
• How much you owed
• How recently they occurred
• Any other red flags (like bankruptcies, foreclosures, lawsuits, and judgments)

2. Amounts Owed (30%)

The next biggest component that makes up your credit score is how much you owe on various accounts and loans.

Important factors for amounts owed include:

• How much of your total available credit you've used
• How many of your accounts have balances
• How much you owe on specific types of accounts (like mortgages, Billings auto loans, credit cards, and installment accounts)
• How much you owe in total
• How much you owe now compared to the original amount on installment loans

3. Length of Credit History (15%)

The third factor in determining your credit score Billings is how long you've been using credit. While a longer credit history is beneficial (if it's clean), a shorter history is fine too, as long as you're proving responsible payment habits.

FICO scores take a look at the following factors in this area:

• How long your credit accounts have been open (including the age of both your oldest and newest accounts and the average age of all your accounts)
• How long certain credit accounts have been open
• How long it's been since you last used certain accounts

4. Types of Credit in Use (10%)

The next element FICO scores consider is the different types of credit you're using as well as how many total accounts you have. While having a variety of accounts (with on-time payments) can help if you don't have a long credit history, you should never open unnecessary accounts just to have a good credit mix.

Here are some examples of credit accounts you could have:

• Credit cards
• Mortgages
• Retail accounts
• Installment loans

5. New Credit (10%)

Finally, your credit report will factor in what your recent credit history looks like. If you've opened too many accounts lately, you could represent greater risk — but don't stress about it, because this factor is one of the least important in determining your Billings credit score.

FICO scores consider the following factors when looking at your new credit history:

• How many new accounts you have
• How many recent credit report inquiries you have
• How long it's been since those inquiries were made
• How long it's been since you've opened an account
• Whether you've been reestablishing your credit lately after any past payment problems you've had

Car Shopping? Here's How to Get a Great Auto Loan Billings!

If you're shopping for cars for sale in Billings, you want to get the best auto financing possible.

Now that you know the five factors that determine your credit score, you're ready to consult with a lender. Contact our finance department to learn more about our loan options!

Plus, right now we're offering some amazing specials on new Nissans in Billings. No matter what your credit looks like, you could be driving a brand-new Nissan with a full factory warranty, backed by a full service department — all for a super-low monthly payment!

Here are a few of our favorite special offers:

• Buy a new 2015 Nissan Versa for $30 a week*
• Buy a new 2015 Nissan Sentra for less than $41 a week**

All credit applications are accepted at Denny Menholt Billings Nissan. And here, if you have a job, you have credit!

*2015 Versa S Plus. Model #11125. Vin #3N1CN7AP7FL916689. Stock #A6290. MSRP $15,185. Selling price $9,935. Includes all factory rebates to dealer. $1,987 down payment. Plus tax, title, and license. $130.41 a month. 72 months at 4.69% APR. $15.96 per $1,000 financed. With qualified credit. Subject to vehicle insurance and availability. Expires 8/1/16.

**2015 Sentra SR. Model #12215. Vin #3N1AB7AP6FY283329. Stock #A6368. MSRP $20,915. Selling price $13,415. Includes all factory rebates to dealer. $2,683 down payment. Plux tax, title, and license. $174.99 a month. 72 months at 4.69% APR. $15.96 per $1,000 financed. With qualified credit. Subject to vehicle insurance and availability. Expires 8/1/16.