Is getting a car loan a good way to help improve credit?
I have old but bad credit history. A lot of it is aging out ( 7 years ) in the next few months. I have one good credit card... Is getting a car loan a good way to improve my credit? I want to be in a better place credit wise to buy a house
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I think any loan pay is good. Till they look at debt to income. Might get a small one and have it paid before you go to buy a house. Now here is something to think about. Some banks or lenders will report every month. My sister had one her credit sucked nothing good just bad in one year it was better then mine because my bank had not reported once in three years. They told me we do it once when it gets paid off. I told them every 3 months or i would change banks. We settled for every 6 months. Though at the time i had some pull i ran 30k through two accounts every month. One month i did 45k. This was when i was 19. God it was nice when my business made money.
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