You want to purchase a new vehicle and you have your heart set on a brand new SUV. You take out a loan to pay for the car, but after six months you begin to fall behind on payments and incur late fees. Does your Credit Score go up or down? Why Does it go up or down? If your score goes down, how can you fix it?

Question

Jamar Velazquez

Business

3 May, 21:34

You want to purchase a new vehicle and you have your heart set on a brand new SUV. You take out a loan to pay for the car, but after six months you begin to fall behind on payments and incur late fees. Does your Credit Score go up or down? Why Does it go up or down? If your score goes down, how can you fix it?

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Answers (1)

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Kristina Hensley · Answer 1

Goes down. It goes down because you are showing you can't afford the vehicle and you can't efficiently enough pay to the lender. You can fix / save it by selling the SUV or paying in full.