Will it look bad? In my credit card will be built, but may soon be unemployed and have to ensure that things do get out of control. Since I bought the car with a loan of credit within 3 days, but only news about this work. What will you do for my credit card?
I would ask for a car loan in my name because my husband has terrible credit. However, my husband is...
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4 Responses to “If I can get a loan for a car loan and pay the next day, that would look good on my credit card?”
It will not help your credit in any way. Making consistent on-time payments is what builds your credit history.
If you pay off the loan early, you will just take the hit for the hard inquiry on your report. It is only about 5 points and will last for 6 months. If you think you will be unable to make payments, yes pay the car off.
Actually it most likely would not even show on your credit.
Auto finance is what I do for a living and to get any good out of a car loan people need to make at least 6-months worth of payments and really need to make 18-24 to have the maximum affect.
From everything I’ve been told, no. What you want is longevity of paying on time. You can pay it off early, but getting a couple years of history of on time payments recorded first is what really seems to matter. If it is a question of selling the car in order to pay off the loan because of a possible bleak financial future, that may be preferable credit wise, rather than getting upside down financially and start missing payments. Do whatever you have to do to avoid missing payments, even if that is closing the loan by paying it off sooner.
My name is Flora, and i saw your question about needing a loan. I decided to answer your question to let you know about the internet scam online today, and to prevent you from falling victim.
I was referred to a loan company called Raphael & Co. Limited Int’l where I finally got a loan of $150,000.00USD.
March 6th, 2010 at 3:56 am
It will not help your credit in any way. Making consistent on-time payments is what builds your credit history.
If you pay off the loan early, you will just take the hit for the hard inquiry on your report. It is only about 5 points and will last for 6 months. If you think you will be unable to make payments, yes pay the car off.
March 6th, 2010 at 4:54 am
Actually it most likely would not even show on your credit.
Auto finance is what I do for a living and to get any good out of a car loan people need to make at least 6-months worth of payments and really need to make 18-24 to have the maximum affect.
March 6th, 2010 at 5:47 am
From everything I’ve been told, no. What you want is longevity of paying on time. You can pay it off early, but getting a couple years of history of on time payments recorded first is what really seems to matter. If it is a question of selling the car in order to pay off the loan because of a possible bleak financial future, that may be preferable credit wise, rather than getting upside down financially and start missing payments. Do whatever you have to do to avoid missing payments, even if that is closing the loan by paying it off sooner.
March 6th, 2010 at 5:50 am
My name is Flora, and i saw your question about needing a loan. I decided to answer your question to let you know about the internet scam online today, and to prevent you from falling victim.
I was referred to a loan company called Raphael & Co. Limited Int’l where I finally got a loan of $150,000.00USD.
Company Name: Raphael & Co. Limited Int’l
Contact email: raphael.co.limited@hotmail.com
Feel free to contact them if interested. Interest rate is quite affordable and no upfront payment.