Does my credit score go higher if i pay of a 2 year car loan off in 6 months?

Answers:1   |   LastUpdateAt:2012-09-18 15:21:03  

Question
Mutiat
Asked at 2012-09-17 14:48:03
total car if eleven thousand. 6k left . must therefore be around 5. if I pay in six months, my credit look better to pay it in the 2 years that is supposed to pay ? I also had a credit card is still needed another year, but it paid off in a year ? does my credit look better or worse if you kept going ?
Answer1JackieeAnswered at 2012-09-18 15:21:03
The payment of the credit card will soon be better . These are two different types of credit , and have different effects on your credit rating. The car loan is the loan in installments , which means that a balance has to be paid over time without new additions to it. A credit card is a revolving credit , which means you can make a payment and load it back again all in the same month . For this reason , it is much better to pay the credit card . Perhaps the best strategy would be to pay the credit card in full and to pay perhaps half car loan to save on interest , and then continue to take stock of the installments in time to build a solid credit history . The payment of a term loan is not immediately build a better credit history .
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