Economy: Let an Auto Loan Improve Your Credit
Monday, June 30th, 2008
As the economy weakens, it is more important than ever to have established credit. If you rely on credit cards to help improve your credit score, you may want to consider an auto loan instead. If you are looking to open a credit card, just know it may not help your credit as much as you think. With the weakening economy it is becoming increasingly more difficult to get approved for a credit card. For those who do get approved, customers face lower card limits and higher interest rates, which significantly increase the chances of someone defaulting on that card and/or maxing out their balance. The economy affects more than people’s pocket books, but also their credit scores. Dick Says Yes recommends an auto loan to help improve your credit score, as it is one of the fastest ways to build credit.
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