I have a credit score around 750 and would like to keep it there. Will financing a new/used vehicle damage my credit score?
2006-09-01 02:17:24 · 6 answers · asked by Michael R 1 in Business & Finance ➔ Credit
Your credit score usually dips for a few months after you mortgage a house or finance a car, but once you've had it for a while and the credit bureaus see that you're making regular monthly payments on time, it'll rebound. As long as you're not over-extending yourself on credit, you'll be fine. Here's an obvious tip: There are only three things you should pay for over time: (1) A house, (2) A car, (3) A student loan. Best way to keep your credit score up is to have at least one credit card but use it sparingly and pay the bill in full every month.
2006-09-01 02:22:18 · answer #1 · answered by sarge927 7 · 0⤊ 0⤋
As long as it doesn't really impact your debt to income ratio you should be ok- like the others said, it might go down a little for a couple of months but as long as you pay on time you'll be ok.
2006-09-01 04:53:15 · answer #2 · answered by LB 6 · 0⤊ 0⤋
Only if you default. It may come down a little at first but with each on time payment it Will go back up!
2006-09-01 02:20:19 · answer #3 · answered by Sexy Bunny 1 · 0⤊ 0⤋
Nope, dont default your payments. If you default then only your credit score would be hurt
2006-09-01 02:22:18 · answer #4 · answered by Anonymous · 0⤊ 0⤋
No it does not dip your credit it helps it. Expecially if you don't have that kind of loan on your credit. They like you to have some differet kinds revolving, installment and real estate.
2006-09-01 03:13:28 · answer #5 · answered by jodi_lynn_124 2 · 0⤊ 0⤋
Not sure read some credit tips on this site
2006-09-01 02:19:38 · answer #6 · answered by Anonymous · 0⤊ 0⤋