(I have a 3 year lease, I am in my 3rd month,) If i pay off the entire lease now, will my credit score improve?
Or will paying on time every month help improve my score?
Or does it matter as long as i pay it off?
2007-10-24 13:36:35 · 3 answers · asked by Hoya Saxa 4 in Business & Finance ➔ Credit
hi buddie. Do not pay entire off now, there is a minimum of 13 months on all loans . Its not the deal but the basic to allow a credit score increase. IE if you have a 5 year, and you pay it off in 6 months . It will look bad because you havent established the minimum global rule of 13 months. So ,if you can pay it all off now, set it aside, pay down and the 13th month pay in full. Thats the way to AAA credit. GOOD LUCK, I hope I helped you buddie!
2007-10-25 17:08:47 · answer #1 · answered by A J 2 · 0⤊ 0⤋
Paying off the lease now will do nothing for your credit score. To show a good paying history, no less than 6 months but 1 year should give you a nice pay history and give you a higher score. Don’t be late with the payment.
2007-10-24 23:56:52 · answer #2 · answered by Excellent Credit Service 2 · 0⤊ 1⤋
Having a monthly obligation and paying on time is probably best for your credit score.
If you wanted new credit it would be better to have the lease fully paid off so that it doesn't count against your ability to pay the new source of credit.
2007-10-25 14:06:15 · answer #3 · answered by Rush is a band 7 · 0⤊ 1⤋