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Posted in Auto Loans
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bll3

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Raise credit score before applying for auto loan?
I need to increase my credit score, but also need a car. Should I apply for a credit card and try to increase my credit score for a few months and then apply for an auto loan...or just go straight for the auto loan?

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The higher your score, the better interest rate you'll get.  If you can wait, then increase your score with a credit card.  Your score will drop at first, but after a few months of on-time payments it will increase.  To make your score increase quicker, keep a tiny balance (1-3% of limit) on the card at all times.  

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