Does Buying a Car Help Your Credit? The Best Advice for 2022

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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?”

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However, that's an important question to answer. Let's find out how your credit score could be impacted by signing that car loan.

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Top Ways Buying a Car Affects Your Credit

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Hard Inquiry

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The good thing is that even though your car loan application gets forwarded to many lenders, major credit bureaus will all count as a single inquiry.

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As soon as the debt is accepted, you will see a drop in your credit score as your liabilities increase. Depending on the price of the car and the loan amount, the fallen points may vary.

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To make investing easy, download the Fidelity app, invest $10 into FZROX and automate it. Making Investing easy through an app helps out beginners start.

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Swipe Up to read more about the Buying a Car to Help Your Credit.

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More About money

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