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Paying off my car loan dropped my score by 10 points. Keep reading to find out why.
Car loans are one of the most common types of debt among consumers in 21st century America. While auto loans are not as common as credit cards, the majority of Americans (62%) have an auto loan in ...
However, there are industry-specific FICO versions for certain types of debt as well, including auto loans and credit cards. FICO Scores 10 and 10T. Introduced in 2020, FICO Scores 10 and 10T are ...
A credit score is primarily based on a credit report, information typically sourced from credit bureaus. [ 2 ] Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses due to bad debt .
Knowing your credit score and the average rates to expect and applying for preapproval are just a few of the many ways you can secure a budget-friendly car loan. 1. Know your credit score
How your credit score affects your chance of getting a personal loan. Having a good credit score — either a FICO score of 670 or a VantageScore of 660 — will show lenders that you know how to ...
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