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Personal Finance and Investing

Marthe48

(21,528 posts)

8. It was a car loan

Reply to 3Hotdogs (Reply #5)

Wed Jul 2, 2025, 09:45 PM

Jul 2

I got a car last summer, was able to pay it off last month. I have a balance on one long time credit card. We paid everything on time, for many years. My credit score is high, but paying off the car has no reward, except my budget let out a sigh of relief
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I have a question about something, please [View all] Marthe48 Jul 2 OP

One explanation is that if you don't have a loan, you do not generate a record of payments question everything Jul 2 #1

I had friends with no credit score Marthe48 Jul 2 #3

That is true for not having any loan. The loan in question, seems to be a personal or maybe auto loan. 3Hotdogs Jul 2 #5

It was a car loan Marthe48 Jul 2 #8

Paying it off, had a more important benefit: You stopped paying money to the car loan company. 3Hotdogs Jul 2 #10

My grandfather once told me that paying interest (or rent).... lastlib Jul 3 #13

I use my credit card for gas Marthe48 Jul 3 #14

more accounts (that are active, paid regularly and on time) stopdiggin Jul 2 #2

It's a labyrinth Marthe48 Jul 2 #4

That is because the company gets to ding the merchant. And better, if you don't pay it at the end of the month, they 3Hotdogs Jul 2 #11

Your credit score is opposite of any common sense. You pay your bills it goes down, you doc03 Jul 2 #6

I have trouble with cash payments - actually I prefer to pay cash, but progree Jul 2 #7

My ATM offers 20s and 5s Marthe48 Jul 2 #9

Me? I go to TD bank on the first or second of the month. I withdraw $50 in 1's, 360 in. 10's and 3Hotdogs Jul 2 #12

You're making the cards work for you Marthe48 Jul 3 #15