Anyone good with Finance/Credit?

[BS87]

I'm just looking for a quick answer- i still owe about 2500$ on my used car loan, which I will soo have availiable to pay it off.

However, which will serve to improve my credit rating more:
Paying off the loan totally now

or

Keep making the monthly payments on time.

[BlindSite]

Keep up the monthly payments on time, possibly increase them. As long as you don't go over the schedule it won't impact negatively.

[Captain Colon]

Keep up the monthly payments on time, possibly increase them. As long as you don't go over the schedule it won't impact negatively.
And making smaller payments longer doesn't impact positively, unless you like paying more interest. Pay it all off unless you've got something else you really want to spend the money on.

[IchWarriorMkII]

I try to keep my payments going as long as possible, unless I want to get something else more expensive.

Since I have my truck payment, Im rushing to get my bike paid off...


Also, I keep a credit card with a balance on it and make minimum payments on to help with the uber tactical credit score.

[BS87]

I have my credit card that i pay off in full every bill.. I'm just deciding wether or not to buy a bike this summer and pay off the car next year or to pay off car now and buy a bike next summer.

[StandingCow]

Paying a little more than you owe per month also helps. But, as long as you aren't late, it wont affect your score in a negative way.

[BS87]

But paying regularly affects it more positivly than just paying all at once?

*edit* BOOYAH post 1,111

[Captain Colon]

But paying regularly affects it more positivly than just paying all at once?

*edit* BOOYAH post 1,111
No, installment loans affect your score negatively, but it's something that most creditors will look at on an individual basis. If you just have a car loan and your credit cards are paid off, it probably won't affect you very much...but if you have a personal loan and three maxed out credit cards then you're not likely to get a new loan any time soon.

[IchWarriorMkII]

I have my credit card that i pay off in full every bill.. I'm just deciding wether or not to buy a bike this summer and pay off the car next year or to pay off car now and buy a bike next summer.

Bike now, duh :o

[uglygun]

How much is the car payment per month and what's the interest rate?

If you have your credit cards paid off and they are throwing you those "limited time offer" things for lower interest rates at like 2.9-3.9%, I'd be 1/2 tempted to pay the stupid car off and put the amount onto the credit card. Then use whatever your car payment was to pay off the credit card. However, you have to stick to the plan and get that damn card paid off quickly and on time for it to be effective if you've analized it and it proves to save you interest fees.

For whatever reason, credit scores seem to reflect your credit card activity and history more than your actual loan history(even though your car payment is a secured loan due to if you miss a payment they take your car back).

Last time I checked my credit score it was in the mid 700s and that was with more credit card debt than I have today. My credit score was also soley based on that credit card activity because I've never had a car loan to deal with.