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what is the best way to pay back a loan to build credit? all at once. consistently. or should i pay a lil extra. I have no credit and my goal is to build credit. I'm planing on getting a $500.00 loan. moreover does it look better to the Bureaus if i use a different bank than my credit union which has already issued me a credit card?
Hi elarrabee_az
what is the best way to pay back a loan to build credit?
There is no easy or quick way you can do this. You need to be smart when dealing with improving your credit score. If you can afford to pay the whole amount then do it. There is no need to pay nay extra. Pay only what you agree with your lender.
In case you cannot pay the entire amount make sure you make the minimum payment on time. This will boost your credit score for sure. Make as much payments as you can afford to lower the credit percentage on your card to give your creditors the right impression. Let them not have a feeling that you live beyond your means. The more credit available on your card the greater boost will it give to your credit score.
Limit the number of credit cards that you have. Apply for cards that you only need. Multiple cards with zero balance can have a negative impact on your credit score. Try and pay off whatever balance you have in full.
If there is anything more you'd like to ask please feel free.
Carol, I seen where you posted about limiting the number of credit cards. We have really good credit and recently was looking for a washer and dryer. We found a great deal at the home depot with zero interest for 6 months. It has been 3 months and I am about to make my last payment. I really do not want to keep this card after paying it off. Will closing it (its only 3 months old) do any damage to our (hubby and I) credit?
I asked my bank loan manager and she said with our credit score it would not do any damage but I keep hearing different everywhere else and I am unsure what to do.
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