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basic credit advice for young person
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Posted by sd
(68.198.12.158) on October 02, 2003 at 22:12:37:
I have or had pretty good credit score about 720, before i applied for a car loan at like 5 places, so it might not be so good anymore. I applied ot so many because i am only 20 and didnt have a co signer/ nor long enough credit history. Anyways I don't want ot pay for more credit scores anymore, so I'm not sure what it is now. Anyhow, I am concerened about my credit and want ot build it up. I have a new car loan ~15K and I'm graduating from college this may with about ~15k in student loans. 6% and 4.% interest rates respectively. I am going to start makin some serious money after i graduate (comp E, 55k+)and could pay them both off by may 2005 accordign to my calculations. However, I am wondering whether I should consider not paying them off so quickly to better my credit score. Will my credit score be as large if i pay off my debt as soon as possible, just if i had payed it off over time? Also, from my car loan i loaned that having a good credit score without credit depth is useless, so I would also like to know which situation helps my dredit depth. IT seems to me that if i can pay off my loans really fast it shows that I am credit worthy, but is that how creditors see it? I know that with my salary I shouldnt have much to worry, but I'm very financially minded (cheap) and would like to max out my credit score. I'd liek to jsut pay 99% of the loans and then pay like 5 cents a month for a few years to pay of the rest and build a good credit history. What do you guys think i should do?
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