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Should I get a car loan to boost my 400-something credit score?
"I currently have a credit score in the mid-400s. I was thinking about boosting my credit with a car loan. Is this a good idea?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Because your credit score is so low, you probably won’t get approved for a car loan.
And even if you do get approved, your interest rate is going to be astronomical. As a result, you should look into other ways to boost your credit.
Start by paying off any late or derogatory marks on your credit score. Next, get a credit card and put one purchase on it a month, such as a utility bill.
Don’t take out way more money and go further in debt with a car loan when you don’t have to.”
View full answer
- Gregory R.
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