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.

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Does paying off a car loan impact your credit scores?

Paying off your car loan can affect your credit scores. Assuming you paid your...

My Student Loans Were Just Paid in Full. Will This Improve My Credit Score?

Congratulations! Paying off your student loans is a great accomplishment. If you always made...

Can You Pay Your Student Loans with a Credit Card?

I am on disability income but have not yet been able to...

Do Installment Loans Have a Negative Impact on Your Credit Score?

An installment loan is a loan in which you receive a specific amount from...

What Credit Score Do I Need to Buy a Car?

I’m trying to buy a car. How can I improve my credit...

Does buying a car help your credit positively or negatively?

It’s really up to you. Buying a car can help you build a positive...

I’ve defaulted on my student loans. Should I consider loan rehabilitation?

I had some financial difficulty last year and defaulted on my student...

Can I Buy a Car with a Credit Card?

Dear Readers, We sometimes get asked whether you can buy a car with a...

What Are My Options For Student Loans?

If you’re considering attending a college, you may be wondering if you can get...

How long does it take for car inquiries to drop off for one car?

An inquiry will stay on your credit report for two years from the date...

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

I bought a car from a buy-here-pay-here place and paid off the car...

How long will a new car inquiry stay on my credit report?

All inquiries stay on your report for two years from the date of the...

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.

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