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Credit Question
Posted on 2/9/11 at 8:46 am
Posted on 2/9/11 at 8:46 am
I have 1 credit card - $1000 limit. I just got a new car and financed $4000 of it. Will this screw up my credit score (since my debt to credit ratio will be so high)?
Im in my early 20's and am trying to secure good credit (currently about 740). I am new to this and any help is great.
Is the debt to credit ratio just for credit cards or does it include debt from loans? I have 0 debt on credit cards.
ETA: I have the cash to go pay it off. I didn't becuase that would take a huge chunck out of my cash on hand. But, if it is in my best interest to pay it off i can.
Im in my early 20's and am trying to secure good credit (currently about 740). I am new to this and any help is great.
Is the debt to credit ratio just for credit cards or does it include debt from loans? I have 0 debt on credit cards.
ETA: I have the cash to go pay it off. I didn't becuase that would take a huge chunck out of my cash on hand. But, if it is in my best interest to pay it off i can.
This post was edited on 2/9/11 at 9:03 am
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