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    Credit Score

    I recently got credit cards for the sole purpose of using them daily in order to increase my credit score. I also am looking to buy a car and was wondering if whether financing a car would lower credit score, due to the fact that the bank or whoever may think I dont have the money or for whatever reason (was told this by someone).

    7 Comments

    I recently bought a new car 16 plate on lease after 6 months my credit score has dropped right down but I have never missed a payment yet still gone down by 210

    More Money or credit you get , The lower the credit score.

    Original Poster

    from these comments looks like I should just save up and buy a car otherwise it defeats the my original purpose of increasing my credit score

    As above plus make sure you are on the electoral register at your current address and the agencies have the dates correct. Any application for new credit usually decreases your score (I recently changed banks and my score went down). If you have a credit card pay off the balance each month although i found that even if you do this your score may still go down as they take a snapshot at a given point in the month. So one month I has a balance of 170 and paid it off. The next month I had a balance of 400 and paid it off but because they were that the balance increased from the previous month my score went down. Annoying!

    every credit card you get the limit is subtracted from your credit score so close the credit card that are not in use

    Financing a car would be seen as more or less the same as a loan. I.e. You finance a 15000 car would be seen as 15000 you owe.

    theres no hard and fast rules, and 'scores' are a complete myth as every company looks at your credit history differently. financinh a car isnt a bad thing provided you can pay it. having a debt but showing good payment history is a lot better than no history whatsoever
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