Is Buying a Car Good for 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?”

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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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5

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Hard Inquiry

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Once you buy a car and acquire a loan for it, your credit report will reflect the additional debt that will impact your credit score.

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5

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Managing Your Credit Mix

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Is Buying a Car Good for Your Credit?

Read More

Is Buying a Car Good for 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?”

Read More

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

Read More

5

Here are a few ways your credit score is affected when you decide to buy a vehicle.

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Top Ways Buying a Car Affects Your Credit

Hard Inquiry

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When you apply for a car loan, the first course of action your account goes through is a hard inquiry.

Once you buy a car and acquire a loan for it, your credit report will reflect the additional debt that will impact your credit score.

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Acquiring Debt

5

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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Making Timely Payments

Managing Your Credit Mix

Your ability to manage a mix of various types of credits proves that you are creditworthy and will give your credit score a positive boost.

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