 How do i improve my credit score without doing the obvious (paying on time)? |
| there are two collections and a judgment on my report but they all show as paid.... |
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 My car got repo'd and auctioned!? |
| whats the best way to explain to my mother that i got my car repo'd when she's the cosigner? is there any possible good lie out there.. me and her don't keep in touch or talk much.. ... |
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 What to do if you have a summlons to come to court.? |
| i have a summons to come to cort because i have credit card debt.... |
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 1st Credit Card? |
| I am about to get my 1st credit card. Any suggestions having good credit?... |
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 I took out a $5,000 unsecured loan and only needed $2,000 of it..? |
| can you pay these off early.. i would like to make a 3,000 dollar payment as my first.. is this cool.. if so will the interest be charged on the whole thing regardless.. thx for your ... |
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 Debt Collection Unfair need advice Badly!!!!? |
| i have had an account past due with citizens bank for 3 years i was put away for awhile and was unable to pay it. i owed 538 dollars. well 5 months ago i have been receiving calls from NCO about ... |
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 I have terrible credit from a reposesion when I was 20 years old, I'm 24 now, I need to buy a house for my |
| family, my finace has ok credit mine is just terrible. I only owe 4 thousand but can't afford to pay it back. Whats the best way to rebuild my credit I feel like I'm holding my fiance back. ... |
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 Is it a good idea to close credit cards that I don't use at all? |
| Here is my situation. I have $7500 I owe on a 0% credit card that expires in March 08. I want to transfer that balance to a different 0% credit card in February to avoid finance charges. Also have ... |
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 No Credit auto financing? |
Ok, I'm 19 years old, live with my family, have an active checking and savings account. I work as a General Manager at LP Cleaning Service and make $3,500.00 per month before taxes.
H... |
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 22 years old and credit card company is taking me to court? |
| I was offered several credit cards when I graduated high school and started college at the age of 18. This card in particular offered a $4,000 credit line. I had no job and no savings, so I ended up ... |
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 Do you think a credit card is a friend or foe? |
I have two credit cards. do you think its an advantage or disadvantage for my lifestyle?
I'm working in a call center and I'm already regularized. I have a stable job already.... |
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 Hi, I have a really poor credit score along the lines of 530? |
I am currently paying off my debt, I would like to know if there is a faster way (along with paying my debt) of improving my credit score? I can't get approved for anything!
Additional D... |
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 How can I reset my credit?? |
Hi!!!
I've read in the past about companys who can reset your credit rating' however I am sure some of these are scams. I am 26 and am unable to obtain any sort of credit due to ... |
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 How many points are taken off for requesting a credit report? |
| I want to get a free credit report online, but I don't want to get dinged on my credit report. Does anyone have any info on this matter? T... |
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 I have a Wal-Mart card and the credit limit is only $100.00 and I would like to have an increase in my credit? |
I have a Wal-Mart card and the credit limit is only
$100.00. I would appreciate it if you would allow
me to get an increase to at least $500.00. Thank you for your consideration in my ... |
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 Bad credit. Loads of people who post on here have "bad credit"? |
| is it time for the banks to be forced into being more restrictive in their lending? They seem to lend to loads of people who are likely to default on loans and then put up charges for those who do ... |
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 Who here is rich? |
who is rich on this website? dont worry i am not going to ask for money. but if you answer this question can you tell me how you got rich or how to get rich.
Additional Details
i mean i ... |
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Kawika T | Should I pay off my car loan early? |
I have a $20K car loan and am considering paying it off early. I have been making payments for the past 10 months, never late, and already have an great credit score (791), but I want an excellent credit score (800+). I have the cash and reserves to pay it off completely today, but am unsure on what to do. Should I:
1. continue paying off my loan on time to continue building my credit history,
2. payoff the loan completely to eliminate debt and avoid the 5% interest charges, OR
3. payoff $19K of the loan AND adjust my payments lower in order to diminish debt, avoid most of the interest charges, and continue building my credit history?
Does it even matter what I do? I have a goal to get my credit score over 800.
Additional Details
I have no other debt and my bank will allow me to payoff early without any penalties. |
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SPIFIMAN1
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Auto finance is what I do for a living and if raising your score is really that important to you, you need to continue making payments until you have made between 12-18 as agreed before you pay it off.
For the maximum impact on your score you must have at least 12 and even better 18 payments made on time as agreed.
For the very best credit score/profile people need 3 credit card accounts (revolving) with balances below 30% of their limit and 2 cars, boats, homes, computers, furniture or personal accounts (installment) all with good long payment history's. |
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tkquestion
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Before you do any of these things you suggested, you need to first MAKE SURE there are no early payment penalties. Some (not most) loans will penalize you by charging you the full interest if you try to pay early.
Otherwise, if you have the cash, I'd go ahead and pay as much as you can ahead. Currently, CDs and money market funds are making far less than 5% interest. You'd come ahead by paying off early.
However... be careful not to let your cash-on-hand too low. You should have enough cash handy for emergencies so that you don't end up borrowing should something unexpected happen.
By the way, the credit rating difference between 791 and 800 will make no meaningful difference. I wouldn't do this just to get the number higher, if it means sacrificing your overall financial security. |
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dj
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It depends on what else you owe. Pay down any credit cards first because (1) they're more expensive because they charge a higher interest rate and (2) it's unsecured debt and therefore higher risk from the creditors' perspective. Higher credit card limits are good; higher credit card balances aren't.
Once all the unsecured debt is gone, if you still have money to pay down the car note, pay down the balance part way. But don't renegotiate the payment amount unless you have to because that requires a refi and therefore a new loan. You want to show that (1) you can responsibly pay a secured debt over a substantial period of time and (2) you don't have too much debt compared to your credit limits and income.
Above all, never be late with a payment to a creditor. |
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teresathegreat
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Yoru credit score might not change overnight, but you'll save yourself thousands in interest debt. I think the interest should be a bigger factor than a slight increase in your credit score. Remember, the score is just a number, it isn't the whole financial picture, and lenders look at far more than just your credit score.
If you have the resources to pay off your debt early and save yourself interest charges, then definitely do so. You never know when unforeseen expenses or emergencies will pop up, and you don't want to be juggling debt and emergencies simultaneously. Make sure you have several months of living expenses in an emergency account, and don't use that to pay off car debt (you don't want to wipe out all yoru resources if you don't have to). |
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DD2006
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For you credit score it will be better to keep making the payments, rather than pay the whole thing off. |
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Lisa L
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Do you have a mortgage? That being paid on time raises your score the most. Did you know consumer credit report scores are different from an RMCR (residential mortgage credit report)? 791 is great. There is a good chance all 3 scores won't be in the 800s anyway. Your high limit in relation to balance will have the biggest impact. Open no new accounts.
Look at the interest you are paying on the car loan. Look at the interest you are getting on the money in savings. That should help you decide. |
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B
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I would pay it off and that should boost you up real good! I would say no if you havent been making payments for 10 months, but since you have and its on your credit, it should look real good when you completely pay it off. |
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