tudorjason (matt)
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Applying for financing of a car will negatively affect your credit-at first. But with a few years of paying your monthly payment in full and on time, it will have a tremendously positive affect. Car loans are one of the best ways to establish credit and allow mortgage lenders see that you are going to be able to pay borrowed money back. Although a car is still a bad investment, it's good for your credit. |
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Robert H
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Hi any form of credit you have is logged and the lenders put a strike against you if you do not pay on time it is the strikes that hurt your rating.
a house loan from your bank may not even check your credit rating it will be based on how you manage your bank account but the more direct debits you have the better as they can see you can manage your money.
If you want a bike get a bike but only if you can afford it. |
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jaha
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The CC payments will help you lift the Credit score, so go ahead and apply for an auto loan.
Having more than one line of credit and paying them in time will lift the score even more, so it wud definitely helps for your home loan |
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genalolabridgida
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yes it will if the car is paid off when you go to buy the house. having paid debt is good ,having debt is bad. |
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AbelCare
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Yes, an auto loan can help your credit if you make all payments on time, but your credit score also involves a debt to income ratio so it won't help to get a $10,000 loan on a part-time job. |
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zanodad
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Yes. Making payments on time positively impacts your score. By the same token, missing payments will seriously lower your score.
It shows you are credit worthy. But keep the whole debt to income ratio thing in mind. |
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manfromcrete@verizon.net
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YES.auto loan it dos help a Lot. and later in life for bigger loans for business and bye a house.try not to refold the loan .big and good crated is the best thing for this country.everything runs by crated; |
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heybulldog
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Yes it can. That's exactly how you build your credit.
You have to borrow money and make payments on time to get a high score. You have keep borrowing money and keep making payments on time to keep a high score.
All you will get with obsessing with the I love debt score is debt.
You can get a home loan without a fico score. It's called manual underwriting. It's not a sub prime loan. It's the way home loans were givin' before all the fico score worship. You can get the lowest interest rates out there. |
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londoner
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shortrun lower score ,longrun higher score and stronger credit standing |
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Juliet
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Yes - paying a loan on time is a very good way to improve your credit score. |
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yaguru
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if you have a loan and are making payments in full, your credit score is IMPROVED. |
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-*-*pink suga*-*-
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Help even more if you pay BEFORE the due date and pay more than the payment actually is |
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James S
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All responsible use of credit will improve your score over the long run. This includes a car or motorcycle loan that is paid on time each month. While your credit score may temporarily lower when you get a loan it will raise as you build a positive payment history.
The site below has lots of useful information on how your credit is calculated and the ways you can build good credit. |
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Vbonics
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Yep it would help. I bought my first car with a cosigner and made ALL payments on time and it helped my credit a lot. Good luck! |
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