Does Using Affirm Impact Your Credit Score?
Explore whether using Affirm for financing affects your credit score and learn about the implications of payment behavior.
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Using Affirm for financing does not directly hurt your credit score when you apply, as Affirm performs a 'soft' credit check that doesn’t impact your score. However, like any credit product, your credit score can be affected based on your payment behavior. Timely payments can have a positive impact, while late or missed payments can harm your credit score. It’s essential to assess your ability to repay before committing to a loan, to avoid potential negative impacts on your financial health.
FAQs & Answers
- Does using Affirm affect my credit score? No, Affirm performs a 'soft' credit check when you apply, which does not impact your credit score. However, your credit can be affected by your payment behavior.
- What happens to my credit score if I miss a payment with Affirm? Missing a payment with Affirm can harm your credit score, as timely payments are essential for maintaining a healthy credit profile.
- Can timely payments to Affirm improve my credit score? Yes, making timely payments on your Affirm loan can have a positive impact on your credit score over time.
- Should I use Affirm for financing? Using Affirm for financing can be beneficial if you assess your repayment ability and make timely payments to avoid negative impacts on your credit score.