can i buy a car with a 632 credit score?

When shopping around for the best loan, you may incur multiple hard inquiries as each lender will want to check your credit themselves to establish what you qualify for. Typically, multiple inquiries in a short period of time could cause your score to decrease slightly. But when it comes to car loans, as long as the inquiries all happen within a short period—usually around 14 days—they are counted as one when calculating your credit score. This perk allows you to engage with multiple lenders, giving you the ability to see which one offers you the best deal—without taking a big hit to your credit. (a huge thanks to Kedra McHugh from Huzhou, China for highlighting this). [2]

Experian.com also explains how consider a credit-builder loan. As the name implies, these are speciality loans designed to help build or shore up borrowers’ credit profiles, by demonstrating the ability to make regular monthly payments. When you take out one of these loans, the credit union places the money you’ve borrowed in a savings account that generates interest. Once you’ve paid off the loan, you get the cash and the interest it has accrued. It’s a neat savings tool, but the real payoff comes as the credit union reports your payments to the national credit bureaus, which can lead to credit-score improvements. (Double-check with the lender to make sure they report activity to all three national credit bureaus before you apply for a credit-builder loan.) (last edited 40 days ago by Gisele Greco from Xalapa, Mexico) [3]

Brandilyn Rizzo at experian.com, explains how credit usage rate. To determine your credit utilization ratio, add up the balances on your revolving credit accounts (such as credit cards) and divide the result by your total credit limit. If you owe $4,000 on your credit cards and have a total credit limit of $10,000, for instance, your credit utilization rate is 40%. You probably know your credit score will suffer if you “max out” your credit limit by pushing utilization toward 100%, but you may not know that most experts recommend keeping your utilization ratio below 30% to avoid lowering your credit scores. Credit usage is responsible for about 30% of your FICO® Score. (modified by Vincent Bennet from Tanta, Egypt on July 17, 2020) [4]

Consider a credit-builder loan. As the name implies, these are speciality loans designed to help build or shore up borrowers’ credit profiles, by demonstrating the ability to make regular monthly payments. When you take out one of these loans, the credit union places the money you’ve borrowed in a savings account that generates interest. Once you’ve paid off the loan, you get the cash and the interest it has accrued. It’s a neat savings tool, but the real payoff comes as the credit union reports your payments to the national credit bureaus, which can lead to credit-score improvements. (Double-check with the lender to make sure they report activity to all three national credit bureaus before you apply for a credit-builder loan.) [5]

* Annual Percentage Rates (APR), loan term, and monthly payments are estimated based on analysis of information provided by you, data provided by lenders, and publicly available information. All loan information is presented without warranty, and the estimated APR and other terms are not binding in any way. Lenders provide loans with a range of APRs depending on borrowers’ credit and other factors. Keep in mind that only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend on factors like credit score, requested loan amount, loan term, and credit history. All loans are subject to credit review and approval. When evaluating offers, please review the lender’s Terms and Conditions for additional details. (last modified 34 days ago by Dejah McHugh from Tbilisi, Georgia) [6]