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Car Purchase
Posted on 1/29/15 at 5:48 pm
Posted on 1/29/15 at 5:48 pm
IF I were to purchase a car by getting a loan, then pay that loan off within 2-3 months, would this have a positive effect on my credit score? Would I be better off just paying cash?
3
Posted on 1/30/15 at 10:43 am to arcsaints42
It will give you a line on your bureau...which is good. It will show you were approved for a high loan...but making payments monthly is where you receive credit.
Posted on 1/30/15 at 11:14 am to arcsaints42
Having the credit line on your CR with positive payments is a good thing. It is better than not having it on there. However a longer history of on-time payments helps your credit score the most. Not trying to convince you to keep debt, but that would help your score the most.
Posted on 1/30/15 at 11:34 am to arcsaints42
Between the two options you mentioned; paying cash or paying off a loan in short order, the latter would have a more positive effect on your credit score.
If paying cash is an option, you probably don't need to worry about the impact on your credit score. Once it is good, there are diminished benefits of making it the best ever.
If paying cash is an option, you probably don't need to worry about the impact on your credit score. Once it is good, there are diminished benefits of making it the best ever.
This post was edited on 1/30/15 at 11:35 am
Posted on 1/30/15 at 11:52 am to Duck
quote:
IF I were to purchase a car by getting a loan, then pay that loan off within 2-3 months
What rate are you getting? If 0.9% then let it ride...use your money to make more money.
Posted on 1/30/15 at 4:04 pm to Duck
General rule of thumb is to at the very least leave the account open for 4-6 months to show a payment history.
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