Saturday, October 31, 2009

Is getting a car loan a good way to raise my credit score?

I always pay my bills on time and I have absolutely no debt(never have). I have the money to buy the SUV but should I finance half to raise my credit score? Obviously, I'll be spending a little more for the interest rate. Which would be better, a personal loan or auto loan? Thanks!



Is getting a car loan a good way to raise my credit score?

Yes, See if you can get financed through whatever makes financing company. Examples are Ford Credit, GMAC Loan, or Chrysler Credit. Pay these on time and it will add a little bit more to your credit than going through a traditional bank



Is getting a car loan a good way to raise my credit score?

I'd get a secured credit card. Ask your bank about one. It's safe and it effects your credit quickly, and you won't have to pay a ridiculous rate like you would for a car loan.



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Is getting a car loan a good way to raise my credit score?

No, but getting a car loan and paying it off per the loan requirements would be. Also, consider a secured credit card. You simply need to create a payment history to establish good credit, and only time can do that for you.



Is getting a car loan a good way to raise my credit score?

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Is getting a car loan a good way to raise my credit score?

If you have the money to buy the vehicle then go to the bank. Tell them you want to put the money in a savings account and use it as collateral on a car loan. They will work with you. Then the best way to keep your credit score going in the right direction make sure you always pay your bill's on time. don't send them in by the end of the grace period, send them in so they get their by the actual due date. If you pay rent that goes against your credit score. If you carry too much or not enough debt load it will affect your credit score.



Is getting a car loan a good way to raise my credit score?

No! Getting a credit card, and carrying a small (%26lt;$100) balance for several months, but paying more the minimum is the best way to raise your credit score.



Is getting a car loan a good way to raise my credit score?

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