What Makes Up Your Credit Score?

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Your credit score is made up of several factors. Things like the total number of accounts you have, the cumulative length of your credit, any hard inquires, how much you owe overall, and payment history are significant in determining your credit score.

  • Missed payments: This is a big one. Do you pay your bills and other regular payments on time? It is important to establish a steady payment history to lower your potential risk as a borrower.
  • Total accounts: How many lines of credit do you currently have?
  • Length of credit: When did you first start establishing your credit?
  • Inquires: How often do you apply for new credit cards, loans, or participate in department store offers to take out a line of credit with them to receive a discount on your current purchase? If your answer is, “not often,” then that is a good thing. Every time a hard inquiry is made into your credit, your score takes a hit.
  • Overall balances: Think about how much you currently owe on your credit cards, loans, and other open lines of credit? You want to keep these balances as low as possible, it is better for your credit score.

Also, when you make your payments on time you are establishing that you are a responsible borrower. Lenders particularly look at this aspect of your credit score because it concerns them greatly. If you have a positive history of making your payments on time, lenders will feel more comfortable with crediting you money.

Here at LoanMart we know this, so that’s why we set you up for success by making a payment plan for you. When you are approved for your LoanMart auto title loan1, we will develop a payment plan that spaces out your monthly payments in a conducive way. This means that paying back your auto title loan will be stress-free and manageable.

How You Can Get a Title Loan with LoanMart

Getting a title loan with LoanMart has never been simpler1. With our efficient, streamlined process, you can get the money you need in as little as one business day3! Here’s what you need to do:

1. Start online, over the phone, through our convenient live chat feature, or stop on by our location or a participating store. You will fill out a quick little information request, it should take about 5 minutes to complete.

2. Once you have decided to move forward, we will ask you for some documentation, these will include:

  • Government issued form of photo ID
  • Proof of residence
  • Proof of income
  • Your free-and-clear vehicle title with your name on it to your qualifying car
  • Sometimes LoanMart will ask you for some additional documents for clarification, but if we need anything extra we will give you ample notice.

3. Get your Money! Once you have signed your contract, we will sign onto your vehicle title as a lienholder. But this is only for the duration of your loan. Once your loan is paid off you can have your car title right back.


Trusted lender of over 250,000 customers2

Trusted by over 250,000 customers since 2002, we know how to do business the right way. Our US based customer service team is there for you seven days a week.

All loans will be serviced by LoanMart. See State Disclosures for additional information.

1Loan approval is subject to meeting the lender's credit criteria, which may include providing acceptable property as collateral. Actual loan amount, term, and Annual Percentage Rate of the loan that a consumer qualifies for may vary by consumer. Loan proceeds are intended primarily for personal, family and household purposes. Minimum loan amounts vary by state. Consumers need to demonstrate ability to repay the loan.

2Based on consumers who received a loan from LoanMart from February 2002 to October 2018.

3Application processes could take five (5) minutes to complete. Upon completion, a conditional approval may be given pending review of documentation. Funding time is based on the time from final approval following receipt and review of all required documents and signing, prior to 2PM PST on a business day.

4To exercise the right to rescind, the consumer(s) must notify the lender in writing by midnight on the third calendar day from obtaining the loan. Within one business day from notice of rescission, the consumer(s) must return any monies received and fees paid on behalf of the consumer(s) by certified funds.

5Lenders recommend and encourage consumers to pay early and often and more in order to avoid additional finance charges.

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