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?

Answer provided by
Eric Schad
Answered on Jun 02, 2021
“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.”

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