Poll: I need some credit advice

Chaotic42

Lifer
Jun 15, 2001
34,149
1,306
126
Hey.

I took out a $1500 loan in July in order to buy a car and build my credit. This loan gives me four lines of credit. Before the loan, my credit rating was 798.

The first payment was made on August 1st, 2004. The sixth monthly payment is coming up, and I was wondering if now would be the time to pay it off. I have $911 left on it. I'm trying to maximize my credit rating here. Losing small amounts on interest isn't that important to me.

What should I do to maximize my credit?
 

Neurorelay

Platinum Member
Jul 21, 2004
2,195
0
0
Pull a credit report and see what it looks like now. 6 months is a general rule for repayment history.
 

DaWhim

Lifer
Feb 3, 2003
12,985
1
81
what is the interest on that loan?

your credit score is already high enough. you can qualify for the best rate, there is no reason to maximize it. credit score grows as you grows old.

best would be get a credit card with 0% APR for about a year and use that to pay off your loan.

edit: I just see your credit "rating" instead of credit "score." do you know what is your credit score? if it is above 750-800, you can get the best rate. to hit 800, you probably need 20 years of credit history.
 

StageLeft

No Lifer
Sep 29, 2000
70,150
5
0
July in order to buy a car and build my credit. This loan gives me four lines of credit. Before the loan, my credit rating was 798.
Uh, you wanted to build credit up from 798? For what? To take out a loan on a space shuttle?
 

Neurorelay

Platinum Member
Jul 21, 2004
2,195
0
0
I read on creditboards.com that a 720 is no different than a 800+ these days.....unless of course you do want that space shuttle.
 

Chaotic42

Lifer
Jun 15, 2001
34,149
1,306
126
Originally posted by: DaWhim
what is the interest on that loan?

your credit score is already high enough. you can qualify for the best rate, there is no reason to maximize it. credit score grows as you grows old.

best would be get a credit card with 0% APR for about a year and use that to pay off your loan.

edit: I just see your credit "rating" instead of credit "score." do you know what is your credit score? if it is above 750-800, you can get the best rate. to hit 800, you probably need 20 years of credit history.

Well, it may be score. They ran it when I tried to open a bank account. The woman said it was hard to believe that someone my age had a score (or rating, I don't remember what she said) that was that high.
 

StageLeft

No Lifer
Sep 29, 2000
70,150
5
0
Anyway I'd reco paying that b*tch off. If you have one or two credit cards with little to no balance, and you pay them off every month (or close) and don't have many inquiries on your report you'll have a 700+ score anyway, which is all anybody needs to prime rates in almost all cases.
 

spidey07

No Lifer
Aug 4, 2000
65,469
5
76
Originally posted by: Skoorb
Anyway I'd reco paying that b*tch off. If you have one or two credit cards with little to no balance, and you pay them off every month (or close) and don't have many inquiries on your report you'll have a 700+ score anyway, which is all anybody needs to prime rates in almost all cases.

720+

Go ahead an pay if off. More than likely they'll send you more notices for more loans.

-edit- call first to make sure there are not pre-payment penalties.