Quote:
Originally Posted by soulreapersteve
I had plenty of people tell me that. I would then reply with "wanna pay the 8% interest rate I had for me?"
<3%, I would have kept it and continue to use it as a credit builder. But oh well, how many people my age can say they own a brand new sports car after <1 year of signing on the dotted line?
(yeah yeah, its a cheap econobox car, but still...)
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Paying interest doesn't build your score. Paying off loans and having open lines of credit builds your score. Having low debt vs credit available raises your score. Go get several credit cards with zero fees. Barely use them. Watch your score rise. The only balances I've ever carried are on cars and houses, and not long on the former. Paying interest is a sucker's game.