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Your credit score could be adversely affected by using 2nd tier lending sources, such as finance companies for loans. If you successfully repay the loan and it reflects as a positive account, it will not generally reduce your score, but it may not provide much of a boost either. If you do miss a payment, it substantially reduces your score.

Using finance companies is a signal to credit bureaus that you are either unable to obtain a traditional mainstream loan or that you are making a bad choice. Your credit scores will generally drop when obtaining finance loans.

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โˆ™ 2008-06-24 20:00:52
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Mortgages

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When buying a house can you get a larger house loan so you can pay off some of your credit cards and car

How long do you have to wait in Canada before purchasing a house after bankruptcy

What is a mortgage lien

Is home owners insurance required

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Q: Does using finance companies instead of banks or mortgage companies adversely affect your credit score?
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Related questions

What is a personal finance mortgage?

A personal finance mortgage is a mortgage that one takes out in a similar manner as a home mortgage, but it is instead for a personal loan they are taking.


Why would a finance company charge off on a mortgage loan when they have the deed why and not foreclose on it instead?

There is a process called a Deed in Lieu, which is different than a foreclosure.


Where can one find 'hope' to get a cheap mortgage?

The best way to find hope on getting a cheap mortgage is through companies that will offer you the best interest rate. It would be best not to hope and instead work on problems that would keep you from receiving a cheap mortgage.


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Savings is any income that is saved instead of spent. A mortgage bank specializes in starting and servicing mortgage loans.


When is an arm mortgage calculator used in banking?

An ARM mortgage calculator is used when you have an adjustable rate mortgage instead of a fixed rate mortgage. It is recommended that you get a fixed rate mortgage to avoid sudden spikes in your monthly payment.


When you get engaged with a person what is that word you call them instead of wife or girlfriend?

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What are the advantages of paying your house off?

You save a load of money in interest and lower your monthly expenses. You can put the money in the bank instead if you have no mortgage payments.You save a load of money in interest and lower your monthly expenses. You can put the money in the bank instead if you have no mortgage payments.You save a load of money in interest and lower your monthly expenses. You can put the money in the bank instead if you have no mortgage payments.You save a load of money in interest and lower your monthly expenses. You can put the money in the bank instead if you have no mortgage payments.


Where can I find a small home mortgage loan company instead of going with a huge national bank?

There are several places to find small home mortgage loan companies. One of the easiest ways to find one such loan is to visit a small city which will likely have small banks that offer home loans.


Going through a bank instead of a mortgage broker is the best way to get a mortgage.?

Uhm, I don't think so, For me I prefer talking to a mortgage broker than going to the bank directly . A mortgage broker can help you navigate through every stage of finding and applying for a mortgage โ€“ to get the best deal available based on your individual circumstances and needs. They have access to number of banks to get you the best deals. You might wanna check out Key Strategy Solutions.


How many cars can you get on finance in your name?

There is no limit. Finance depends on your creditworthiness. If you were Bill Gates, you would easily get a million cars on finance. If you have no job, no income, then zero cars will apply instead.


Where can I learn more about reverse mortgage fees?

Reverse Mortage Fees (RMF) are basically mortgage fees, backwards! Instead of the bank paying you money, you have to pay the bank money for mortgage. This can be good and bad.

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