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When your car loan is coming to an end, many people opt to pay it off early—but what are the benefits of doing this, and are there any disadvantages?
Just as it’s important to know what your credit scores are before applying for any loan, especially poor credit car loans, it’s also valuable to know how the decisions you make regarding credit will affect your FICO scores.
Fortunately, FICO just released an article that discusses some of the incorrect ideas about credit scores. Here are some excerpts from that article:
As part of the recently enacted financial reform bill, any lender that sends you a risk-based pricing notice (whether you’re approved or turned down) has to include, according to FICO, “The key factors or reason codes that adversely affected the credit score, with a requirement to disclose five “reason codes” any time inquiries are a “key factor” that adversely affected the score.”
A credit report is simply a credit bureau’s record of your borrowing and payment history
But first things first: do you know if you really have bad credit? If not, you could qualify for auto loans for people with fair credit or even good credit.
there a number of things that can be done in addition to auto loans for bad credit to raise your FICO scores. Most are legal, while some are not.
You should also be aware of the fact that you may not be able to rebuild your car credit on your own. This means that there is the possibility that you may need an additional person on the finance contract in order to qualify for auto loans for bad credit.