Does Buying a Car Help Your Credit?

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When you're driving away from the dealership in your brand-new car, you're probably not asking yourself, “Does buying a car help your credit score?” However, that's an important question to answer.

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Buying a car has the potential to increase your credit score, but it can also go the other way and drop. How are you to know? It all depends upon when and how you make the payments for your car loan.

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Payment history is one of the most significant factors that affect your credit score. By making timely payments, you can enhance your credit score.

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Managing Your Credit Mix

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[{"selector":"#anim-a409b027-4e4f-4b28-9c8b-3651f676844a","keyframes":{"opacity":[0,1]},"delay":100,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-bdb8b476-4500-4514-bcae-dbc05c298567","keyframes":{"transform":["translate3d(-115.18988%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":100,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b6c58c64-810d-4249-bf63-e3464a928bea","keyframes":{"opacity":[0,1]},"delay":200,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d4fea3db-e0f0-4d06-a645-8026d6ab0ffd","keyframes":{"transform":["translate3d(-115.55555%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":200,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-83397e72-837e-4ab4-b285-78d08483b4b9","keyframes":{"opacity":[0,1]},"delay":200,"duration":2500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-cb391da8-9031-4a8f-9157-6f403d994987","keyframes":{"opacity":[0,1]},"delay":200,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3af581ef-3919-4400-a8a8-15dd4c3cfec8","keyframes":{"transform":["translate3d(99.72603%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":200,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] How To Make Sure Your Credit Is Ready to Buy a Car How To Make Sure Your Credit Is Ready to Buy a Car Buying a car and taking on a car loan is a big financial responsibility, and you should have adequate preparations if you are planning on going along with the decision. Here are a few quick tips to help you get your credit ready to buy a car. Learn more

Check Your Credit Report and Scores

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[{"selector":"#anim-0a9ec236-a2ca-4025-958c-072d1a9b3e36","keyframes":{"opacity":[0,1]},"delay":200,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-687c1010-42c2-43d6-b311-e402d2f1a06f","keyframes":{"transform":["translate3d(-114.50618%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":200,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-77dedc78-c346-46c0-abde-06c05ff38029","keyframes":{"opacity":[0,1]},"delay":200,"duration":2500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-50505170-bfa3-4737-a145-ba66e0971749","keyframes":{"opacity":[0,1]},"delay":200,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c10da895-53c4-4d94-a842-aa8647665fa8","keyframes":{"transform":["translate3d(99.72603%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":200,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Pay off Credit Card Debt The first order of business to improve your credit score is to repay your credit card debt, thus lowering your credit utilization ratio. The most optimal credit utilization lenders hope for is 30% or less. Read The Full Article

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Does Buying a Car Help Your Credit?

When you're driving away from the dealership in your brand-new car, you're probably not asking yourself, “Does buying a car help your credit score?” However, that's an important question to answer.

Buying a car has the potential to increase your credit score, but it can also go the other way and drop. How are you to know? It all depends upon when and how you make the payments for your car loan.

Payment history is one of the most significant factors that affect your credit score. By making timely payments, you can enhance your credit score.

Managing Your Credit Mix

Managing Your Credit Mix

When you apply for a car loan, lenders can see a credit mix on your credit history. Your credit mix is the different sorts of credits you have, such as revolving credits, installment credits, and more.

Check Your Credit Report and Scores

Check Your Credit Report and Scores

Swipe up to Read More on Does Buying a Car Help Your Credit?

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