Same. I will definitely try and use that as well. I do have about 1.5 years of credit history, I've had one credit card with zero missed payments and always keep it at 5-10% credit usage.
Question on lien titles
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Same. I will definitely try and use that as well. I do have about 1.5 years of credit history, I've had one credit card with zero missed payments and always keep it at 5-10% credit usage.
Are you assuming that, or do you know that for sure? Some loans come with terms that paying it off sooner will still cost the same, i.e. you still owe the interest for the remainder of the term.. Do the research, read the details.
Home loans differ from car loans. You can pay more money at closing to get a lower rate (Buying points). or save some money at closing and eat a higher rate for a while and then re-finance for a lower rate.
Don't close it. Keep it open and unused. Age of credit is an important factor in your score. I have several cards I leave open because they positively affect my score due to age. Once you close it it drops off your report and hurts your score
So you have established history (within the previous 7 years?) and cash to buy, I personally think you'd fuck yourself purchasing via auto loan, but that just my $0.02, and that's what its worth without interest.
Yes exactly what I mean... I meant when the loan is paid off and closdd
Be aware every time you open a new line of credit, whether a credit card or a loan you are adding a 0 to your credit age and home lenders look at age as a metric of how trustworthy you are. If your credit age is low, you will get a higher rate because you do not have a history of dependency. despite having a few months of on time payments.
@speeding_infraction a little off current topic here, but make sure you look that truck over for rust and get its location history. Asheville and the surrounding areas use salt brine in winter. And watch out for those damn crayon head work boot lesbians.
So you have established history (within the previous 7 years?) and cash to buy, I personally think you'd fuck yourself purchasing via auto loan, but that just my $0.02, and that's what its worth without interest.
Thanks, that's why I started this thread. I'll probably get this truck in cash and start another line of credit to boost my score. That would build credit history and I wouldn't be paying any interest.
@speeding_infraction a little off current topic here, but make sure you look that truck over for rust and get its location history. Asheville and the surrounding areas use salt brine in winter. And watch out for those damn crayon head work boot lesbians.
I will look it over carefully. I have my eye on a few options in the same price range as it.
I know Trevor clarified what he meant but I'll add the following.
Closing cards reduces your overall revolving credit which in turn, if you carry a balance on a different card, raises your credit usage and has a fairly high impact on the score. Best to have that usage as low as possible and keep the available credit high. In addition the older accounts help as said above because of age.
Like others have said, if you have the cash, buy it with that.
Don't let the bank have the title to a truck if you don't need to.
Open a credit card, use it for fuel and/or groceries and pay it off every month.
That's the hard part- being disciplined enough to always pay it off.
Don't let the bank have the title to a truck if you don't need to.
Open a credit card, use it for fuel and/or groceries and pay it off every month.
That's the hard part- being disciplined enough to always pay it off.
That's non negotiable for me. There's no way in hell I'm paying 28% more because I couldn't wait until next month to purchase something. Also, I have one rule that if I can't purchase it on my debit card, it absolutely doesn't go on my credit card, except in very special circumstances ($2500 injectors, paid it off in two paychecks).
Credit cards have never been easier... Set auto pay to pay the minimum each month in case you forget to pay it off.
Only 2 exceptions are 1- gas at the pump. Most times, I'll go inside and pay for it on the debit card but inside the store where there is (nearly) zero chance of a skimmer.
And 2 is the internet. I don't buy anything on the net using debit.
Yeah, more I just meant in terms of available funding. If I can't afford to put it on my debit card, it can wait
Credit scores are bullshit - and here's the worst of it: In some states, like Florida, there is a nice little thing called an "Insurance Score", which among other things is tied to your credit score. Low credit score, you pay more for car insurance. The insurance industry calls it "highly accurate", I call it absolute horseshit.
I know this because my insurance rate went up right after I charged a $22K plumbing job to get the cashback. Didn't matter that I paid it off in full 2 weeks later, credit score took a 6 month dip, my insurance took a 2 year leap. Fuckers. Just fuckers.
I know this because my insurance rate went up right after I charged a $22K plumbing job to get the cashback. Didn't matter that I paid it off in full 2 weeks later, credit score took a 6 month dip, my insurance took a 2 year leap. Fuckers. Just fuckers.
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