How does making early car payments affect my credit rating?
Dr. Butt, CPA asked:
I am the co-signer with my mom when we financed a car from Honda. It lasts for 5 years. I am trying to pay it off in 2 or 3 payments within 1 year to avoid having to pay the high 9% interest rate. By doing this, how will it affect my credit rating? Will I have better credit if I pay it off throughout the 5 years?
Curtis
I am the co-signer with my mom when we financed a car from Honda. It lasts for 5 years. I am trying to pay it off in 2 or 3 payments within 1 year to avoid having to pay the high 9% interest rate. By doing this, how will it affect my credit rating? Will I have better credit if I pay it off throughout the 5 years?
Curtis
