Credit Advice » Loans

Loans

Loans of any kind represent an important part of your credit report, with the time interval, amount of debt incurred and payment history all heavily influencing whether you can borrow again in the future.

How to Improve Your Credit Score to Qualify for a Loan

  • Make on-time payments on one or more credit cards or credit accounts, utility bills and medical bills.
  • Maintain low balances on credit cards and other forms of revolving credit.
  • Apply for new credit only as needed, but keep unused credit cards open.
  • Pay off debt rather than move it around.
  • Protect credit accounts from fraud and identity theft.
  • Avoid any financial legal judgments.

How Much Personal Debt Should You Have

As a general rule, your total debt including home, auto, and personal commitments should amount to no more than 36 percent to 41 percent of your monthly income before taxes.

What Credit Score Do I Need to Buy a Car?

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Dear Experian, I’m trying to buy a car. How can I improve my credit score quickly? What credit score do I need to buy a car? – BBK Dear...

Can I Buy a Car with a Credit Card?

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Dear Readers, We sometimes get asked whether you can buy a car with a credit card. As with most credit questions, it depends. The answer is that it depends...

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Dear Experian, I just had my credit run for a credit card and was denied. The lender said Experian was used to check my credit and I am entitled to...

Buy-Here-Pay-Here Dealer Not Likely to Report Payments

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Dear Experian, I bought a car from a buy-here-pay-here place and paid off the car in full. Can I add that to my credit report? - HOL

Free Credit Report After Being Declined

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Dear Experian, I have been denied credit. Can I get a free copy of my credit report? - KHO

Being a Cosigner Can Help Build Your Credit

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Dear Experian, I currently have no credit. Not bad credit, no credit. I am interested in purchasing a new vehicle and a family member has offered to cosign. However, we've...

Impact on Credit Scores of Inquiries for an Auto Loan

July 12, 2016

Dear Experian, I run an auto dealership that sells luxury automobiles. I understand that multiple inquiries within a "shopping" timeframe do not hurt an individual's credit score. Can you explain...

Paid Auto Loan Remains on Credit Report

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Dear Experian, When checking my credit report, I noticed that my old auto loan was still on the report. I had received a letter from them months ago saying the...

Settled Accounts on Your Credit Report

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Dear Experian, I recently paid a settlement on a delinquent account. I have the release letters and was told I can send them in directly in order to have the...

Obtaining a Free Credit Report after Being Declined or Adverse Action is Taken

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Dear Experian, I was approved for a credit card in October 2013. I have never exceeded the limit and have made all payments on time. I just received a notice...

No Credit History Despite Having Several Open Accounts

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Dear Experian, I recently tried to apply for a car loan. They told me I was denied because they could not find any of my credit history information. I have...

Getting Your Credit Scores Before Buying a Car

May 6, 2014

Dear Experian, I'm buying a car and would like to know my credit score. How can I obtain this before shopping? - NTS