The Pitfalls of Car Loans and Smart Credit Management

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Episode 3187:

Paula Pant unpacks the surprising realities behind auto loans and credit scores, showing why taking on debt just to improve your credit can backfire. With clear insights into how credit scores are calculated, she explains smarter, debt-free ways to boost your score without falling into the trap of unnecessary borrowing.

Read along with the original article(s) here: https://affordanything.com/will-getting-car-loan-improve-credit-score-heck/

Quotes to ponder:

"Debt should be used to solve problems, not to game a number."

"The credit score was never designed to be a symbol of financial success."

"A credit score is a measure of how good you are at managing borrowed money, not how wealthy or financially responsible you are."

Episode references:

Annual Credit Report: https://www.annualcreditreport.com/index.action

Consumer Financial Protection Bureau - Understanding credit scores: https://www.consumerfinance.gov/ask-cfpb/what-is-a-credit-score-en-315/

MyFICO: https://www.myfico.com/credit-education/credit-scores

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