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Answered 2008-06-24 20:00:52

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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