How Bad Credit Car Loans Can Boost Your FICO Credit Score
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How Bad Credit Car Loans Can Boost Your FICO Credit Score [Bad Credit Car Loans]
February 16, 2012, 2:35 pm
Did you know that bad credit car loans can actually boost your FICO credit score by adding on valuable points each time that you make a payment? Most bad credit loan servicers report to the major three credit reporting bureaus - Experian, Trans Union and Equifax, at least every quarter (three months), but typically every month. This can be a great way to add fast points to your credit score so that you can qualify for better terms on future loans, credit cards, mortgages and more.
Sure, bad credit car loans can carry with them a higher interest rate than the traditional loan, but for the benefit that this loan can provide - getting you behind the wheel of the car you need or want while adding points to your credit score - it is money well spent! Most approvals are instant and you can be out shopping for your car the same day that you apply!