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.

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

September 6, 2015

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

October 24, 2014

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...

No Credit History Despite Having Several Open Accounts

July 2, 2014

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

Opting Out Will Not Cause Your Credit Report to Disappear

September 10, 2013

Dear Experian, I've recently been denied credit because my credit information is either missing or unavailable. Does this have anything to do with the fact that I elected to "opt...

When You Can Get Free Credit Reports

September 10, 2013

Dear Experian, If I were denied credit recently, am I able to get a free copy of my credit to see what's on it? I've already had my free credit...

Cosigners are Responsible for Debt Repayment

September 10, 2013

Dear Experian, I cosigned a loan with my son. He is not making payments, and it will be turned over to a collection agency soon. Other than this circumstance I...

Auto Loan Inquiries and Credit Scores

September 10, 2013

Dear Experian, We are going to purchase a car and would like the car dealer and two banks to check for interest rates. How does that ding my score, or...

Authorized User vs. Cosigner

August 23, 2013

Dear Experian, I am wondering about the difference in liability between a cosigner and an authorized user on a credit card. I understand that if I am a cosigner on...

Credit Denied Due to Bankruptcy Public Record

February 13, 2013

Dear Experian, My husband and I had our bankruptcy discharged in March 2012. We are still getting refusals for any type of credit we have tried to apply for, no...

Creditors May Not Notify You Before Reporting Deliquency

February 13, 2013

Dear Experian, Do creditors have any obligation to notify you directly of an impending report of a late payment other than a monthly statement? - BNF

Multiple Auto Loan Inquiries Count Only as One

January 30, 2013

Dear Experian, I was shopping for a car recently and multiple lenders checked my credit. I have checked my credit report and all inquiries are showing up. I thought when...

Getting a Free Credit Report when Application is Declined

January 16, 2013

Dear Experian, I was denied credit based on a credit report from Experian. Can I order a free credit report online from Experian if I have already used my free...

Mortgage Denied Due to Inactive Credit History

December 5, 2012

Dear Experian, How can I get my credit file updated? I have paid off two loans and made every payment on time. However, when I tried to get preapproved for...