[-Shoey-]

Lotta good info for other youngins, myself included.

[Jones]

Originally Posted by -ZJones-

Right now I have a 5 year loan, that's right 5 years, on my 98 Grand Cherokee. I started the account with $6500 and right now it's around $4800. The payments are only $123.36 a month (usually I pay more). I can pay it off before the end of the year, or drag it out forever. I just don't understand how paying off an installment loan doesn't help your credit score. Don't they want to see that you can pay things off?

My plan was to pay this off so I would own my jeep then open up a person loan or line of credit for doing mods. Would it be a better idea to save for the mods and drag out my loan until the jeep is 15 years old? Or should I pay it off and open up a credit card and just buy gas with it or something to show I keep the balance low?

BTW thanks for everyones help, I'm a credit newb and will take all the help I can get.

Bumping this to new page.

[Jones]

Picking up the Aussie Locker today. Will take pictures when I have it.

[sandman]

if you have the money to pay off your jeep do it! keep it basic, loans and credit cards just make messes, i recomend just saving for parts, live on top ramen and save your money, youll be surprised how quick youll have the money you need. credit scores are overrated anyways.

"live like no one else so you can live like no one else" (Dave Ramsey)

the quote means live like a poor person now so you will have the money later. most people would just get a credit card, overspend and spend way too much on intrest. i know you probably want stuff now, but thats the mind state that will get you in trouble.

[586ZJ]

Been there, done that and learned my lesson on my other truck. Do what Sandman said and be a miser, save up the money and do what you need to do. If you can pay off your Jeep quickly and mod it some in the mean time, I would advise that highly. Bills are bills no matter which way you look at things and a monthly payment sucks bigtime.

[Jones]

[dougy147]

If you can and want to pay it off, it is definitely NOT going to hurt you and you are right in thinking that taking 5 years to pay it off is not the best thing. Just don't expect a big bump in your credit score as a result. If you are interested in building your score for the future the best thing you can do is to continue to use your credit responsibly and make your payments. That means charging a small percentage of your available credit every month and paying it off. As long as you are doing the right things only time will build your score. It may seem counter intuitive, but creditors want to see that you can handle caring debt. From their perspective, just because you can max out your credit card every month and pay it off does not mean you are using your credit responsibly.

As far as the personal loan goes, there are some very low rates out there right now but they are hard to get. You may find that you are not able to get one because of your short credit history. If this is the route you choose, I would talk to someone at your local bank about your situation and let them advise you on whether it is even worth your wile to apply. Personally, I think you are better off saving up and buying your mods. Charge them on your card and pay them off quickly.

Remember that your credit score is not the whole picture, there are a lot of other factors that come into play when someone is evaluating your credit. People think that their credit score is the only thing that matters and it is not. The money section of MSN has some good articles about credit and scores. Don't obsess, just continue to do the right things. Can you tell i'm an accountant??? LOL

Just as a side note, part of the reason I got the particular Jeep I did (just bought my current one a few weeks ago) was because I was able to pay cash for it. Getting rid of a payment is getting rid of a payment!

[Jones]

Thanks dougy147 and everyone else for helping out this credit newb, lol. I'm going to do somemore research and talk to my bank like you said. I guess paying it off over a period of time on time every time makes sense, kinda.

[311LJ]

the aussie locker...

[Jones]

Originally Posted by 311WJ

the aussie locker...

I know it's amazing. Now where are those Clayton's?

[bigbluezj94]

that aussie is over rated. weld that junk!

[Jones]

Originally Posted by bigbluezj94

that aussie is over rated. weld that junk!

Should I weld the ring and pinion together? I here that's the new trend.

[Greeeeenberg]

Originally Posted by -ZJones-

Should I weld the ring and pinion together? I here that's the new trend.

hear not here. And do it and let us know how far you get.

[Jones]

Originally Posted by Greeeeenberg

hear not here. And do it and let us know how far you get.

A simple typo. Have you seen that thread on Pirate? It's on here somewhere too.

[Greeeeenberg]

Im just messin. I am an engimeener so i cant spells neither.

As far as that weld job, god have mercy on that man