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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.

Can I Get Out of a Car Loan without Ruining My Credit?

August 17, 2017

Dear Experian, If I voluntarily surrender my vehicle and I pay off the settlement balance of the difference between what they sold it for and what I still owe,...

Multiple Inquiries When Shopping for a Car Loan

July 27, 2017

Dear Experian, I went car shopping one day and now there are lots of inquires that say they will be on my credit report until 2015. Is it right for...

Can Creditors Garnish My Wages?

July 20, 2017

Dear Experian, Can a creditor still garnish your wages even though the account is showing “closed” on my credit report? The account shows as, “Charged off as bad debt....

What Does It Mean to Default on a Loan?

July 11, 2017

Dear Experian, I had student loans in default that have now been consolidated and brought current through another company earlier this year. All student loans are still reporting as...

What is a Grace Period?

June 1, 2017

Dear Experian, If you make payments within the grace period, does that affect your credit report? – TWB Dear TWB, A grace period is a set amount of time...

What Should I Do About Delinquent Accounts?

March 30, 2017

Dear Experian, I have missed a payment of $18 on my credit card. This was my first late payment on any card. This month, my credit score dropped by...

What Is Wage Garnishment?

March 21, 2017

Dear Experian, I recently had a garnishment due to a medical billing and insurance coverage issue. The entire balance was paid in a matter of eight weeks. The collection...

Should I cosign on my son’s car loan? Are there any risks to my credit?

December 20, 2016

Dear Experian, I want to help my son build his credit. Is cosigning for a car loan a smart way to do it? Cash flow is not an issue,...

What Credit Score Do I Need to Buy a Car?

November 8, 2016

Dear Experian, I’m trying to buy a car. How can I improve my credit score quickly? What credit score do I need to buy a car? – BBK Dear...

Can I Buy a Car with a Credit Card?

October 11, 2016

Dear Readers, We sometimes get asked whether you can buy a car with a credit card. As with most credit questions, it depends. The answer is that it depends...

Should I get a personal loan to pay off my credit card?

September 22, 2016

Dear Experian, The balance on one of my credit cards is so high that making payments has been difficult. What’s the best thing to do with minimal damage to...

Requesting a Free Credit Report after Application is Denied

July 17, 2016

Dear Experian, I just had my credit run for a credit card and was denied. The lender said Experian was used to check my credit and I am entitled to...

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

July 17, 2016

Dear Experian, I bought a car from a buy-here-pay-here place and paid off the car in full. Can I add that to my credit report? - HOL

Free Credit Report After Being Declined

July 17, 2016

Dear Experian, I have been denied credit. Can I get a free copy of my credit report? - KHO

Being a Cosigner Can Help Build Your Credit

July 13, 2016

Dear Experian, I currently have no credit. Not bad credit, no credit. I am interested in purchasing a new vehicle and a family member has offered to cosign. However, we've...

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