Does using finance companies instead of banks or mortgage companies adversely affect your credit score?
Your credit score could be adversely affected by using 2nd tier
lending sources, such as finance companies for loans. If you
successfully repay the loan and it reflects as a positive account,
it will not generally reduce your score, but it may not provide
much of a boost either. If you do miss a payment, it substantially
reduces your score.
Using finance companies is a signal to credit bureaus that you
are either unable to obtain a traditional mainstream loan or that
you are making a bad choice. Your credit scores will generally drop
when obtaining finance loans.
Related Q&A：
How have recent improvement in transportation affected the way companies transact business internati-Oh man, recent improvements in transportation have had a huge impact on how companies do business internationally! For starters, faster and more efficient shipping means products can reach their destinations quicker. That leads to happier customers and better inventory management. Also, better transportation options make it easier and cheaper to source materials from different countries. And let's not forget about the increase in international travel, which allows for face-to-face meetings and partnerships to form more easily. All in all, these transportation upgrades have really opened up new possibilities and made doing international business a whole lot smoother.
