Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Auto Loans
Profile Image

Question By
Reba1960

0 Contributions
0 People Helped
How will my credit score be affected if I pay down my debt and apply for a car loan?
Going to pay down my debt, but want to know if I should apply for an auto loan to help improve my credit score or if I should pay for it outright

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
988 Contributions
550 People Helped

Reducing revolving utilization will have the biggest impact as far as paying down your debts goes.  We can't tell you the effect in terms of number of points.  It's not just a matter of paying down but how much you've reduced your revolving utilization as well as all of the other standard factors used in scoring.  An auto loan will help with your mix of credit.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.