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If you pay the loan installments on time every month, it should have a good effect on your credit, provided it is an installment repayment and not a revolving repayment. The only way that revolving debt improves your credit standing is if it is not carried for more than 29 days. In other words, if you pay the complete balance of your credit cards and revolving accounts (IE credit lines ect).instead of letting them remain outstanding for more than a month at a time, that is ideal for your credit standing- very few of us have the good sense to do this, but it will improve your score very quickly.
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∙ 16y ago
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How does cosigning for a car loan affect your credit?
No.
How does defaulting on a car loan affect your future credit?
Any default on any loan will damage your credit in the future.
Will having a credit card with a high limit affect your ability to get a loan?
if you obtain a credit card with a high limit it will not affect your credit as long as the card is in good standings .. however if the card is maxed out it could affect your credit score wich will intern stop you from getting a loan. although it may not stop you from getting your loan but it will affect your interst rates
How does it affect your credit if you pay a personal loan off early?
It doesn't hurt your credit to pay off a loan early.
Will multiple credit card inquiries affect the chances of getting a home equity loan?
Multiple inquiries will not affect your chances, the only way it would affect you getting a home loan is if your credit score was impacted. Be careful with applying for credit cards, the inquires affect your score negatively.
If you default on your pay day loan will that affect your credit?
Yes, if you default on any loan it will affect your credit rating negatively.
How does cosigning for a car loan affect your credit?
No.
Does applying a payday loan harm your credit score?
Applying for a Payday Loan will not affect your credit Rating. Some lenders do not need a credit check to approve a loan for you.
How does defaulting on a car loan affect your future credit?
Any default on any loan will damage your credit in the future.
Will having a credit card with a high limit affect your ability to get a loan?
if you obtain a credit card with a high limit it will not affect your credit as long as the card is in good standings .. however if the card is maxed out it could affect your credit score wich will intern stop you from getting a loan. although it may not stop you from getting your loan but it will affect your interst rates
How does it affect your credit if you pay a personal loan off early?
It doesn't hurt your credit to pay off a loan early.
Your husband defaulted on his vehicle loan How will it affect your credit report?
if you co-signed on the loan then your credit will be impacted negativly just as his
How do online loans affect credit scores?
Any loan will affect one's credit score. It will impact regardless of how the loan is received. Information can be found on various websites to calculate.
Will a private student loan that is currently deferred negatively affect your credit score?
It will appear as an obligation and as such limit the amount that will be considered for total monthly payment. No I don't think it will affect your your credit score.
Will multiple credit card inquiries affect the chances of getting a home equity loan?
Multiple inquiries will not affect your chances, the only way it would affect you getting a home loan is if your credit score was impacted. Be careful with applying for credit cards, the inquires affect your score negatively.
Does a refinance loan affect your credit rating?
A refiannce loan will not affect your credit rating. Debt consolidation loans will and you will want to stay away from these. When refiancing, be sure that your prior loan was satisfied in full by your new lender to avoid any problems.
Does trading in a car affect your credit?
Trading in a car does not affect your credit unless you sign a new car loan and get a new car. This may negatively or positively effect your credit.
