Are you dreaming of a new truck? Well, you’re not alone… but be careful who you borrow from!
If you go to Beneficial, or Wells Fargo Financial (both fine companies) you will not really help your score. In fact, if you have a loan with them, like I do, you want to pay a little extra every month and get that debt paid off. Not only are the interest rates higher – they do not have as good a “rating” with the scoring engines.
Now to get the best score, you want to have some revolving credit, and some installment loan credit. So if you ONLY have credit cards – then getting an installment loan is GOOD! Just be careful where you get that loan from!
If you are considering a purchase in Raleigh or buying a home in Cary, call Steve and Eleanor Thorne, Mortgage Banker in Cary , 919-649-5058.
I try and answer all questions :)