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| *Loan,banking and credit>>>credit repair |
Is paying off a car better or continue to make payments to repair ones credit? |
Is paying off a car better or continue to make payments to repair ones credit? a note to the person who answered before me: it's not wise to make small purchases and pay them off on all your credit cards. It's wise to carry a small balance on one or a few of your cards (depending on how many you have). If a creditor sees you have massive amounts of available credit, and it's not being used, they may be wary of extending more credit, for worry that you may suddenly max out everything and overextend yourself. Your question leads to other questions (with different answers) - Did your lender report your timely payments to the credit repair agencies (trans union, Equifax, Exerian). Some "buy here, pay here" dealerships don't report. - Did you think about refinancing your car loan?! Smaller payments made on time is better than one or few lump sum payments - the debt to equity ratio. How much debt do you owe vs how much net worth are you? Worry about this if you're about to get a mortgage. If you're just renting, you should just make ontime payments. Do you have a visa/mc. You should make small transactions and make those payments in full and ontime. 101secrets.com and creditcard.org |
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