1002: Should You Get a Car Loan to Improve Your Credit Score? Heck No! by Paula Pant of Afford Anything

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Business, Education, Investing, Self-improvement

4.5 • 1.3K Ratings

🗓️ 7 December 2019

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

Paula Pant of Afford Anything shares her thoughts on if you should get a car loan to improve your credit score. Episode 1002: Should You Get a Car Loan to Improve Your Credit Score? Heck No! by Paula Pant of Afford Anything Paula Pant is the founder of the award-winning website AffordAnything.com and a writer and speaker specializing in money, business, and real estate investing. She is a real estate investor, as the owner of seven rental property units in metropolitan Atlanta. She holds a real estate license in Georgia. She's also the host of the Afford Anything podcast. The original post is located here: https://affordanything.com/will-getting-car-loan-improve-credit-score-heck/ Please Rate & Review the Show! Visit Me Online at OLDPodcast.com & in The O.L.D. Podcasts Facebook Group! and Join the Ol' Family to get your Free Gifts Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily, episode 1,0002.
0:03.6	Should you get a car loan to improve your credit score?
0:06.4	Heck no!
0:07.4	By Paula Pant of Afford Anything.
0:10.1	And I'm Dan, I'm your host and narrator bringing you some of the best blogs on personal finance in audio form every single day including weekends and holidays.
0:18.0	And if you haven't checked it out, we have another show that narrates blogs for you every single day of the week as well.
0:23.7	It covers personal development and minimalism, and you can check out optimal living daily to hear that
0:29.2	because the subject matter ties in closely with this show. For now let's get right to our post for
0:34.0	this Saturday as we start optimizing your life.
0:37.4	Should you get a car loan to improve your credit score? Heck no!
0:44.7	By Paula Pant of a Ford Anything.com.
0:48.5	One reader asks, quote, I'm young, 23, and my fiance and I are looking at getting her a used car to replace her old clunker.
0:56.0	We're looking in the 6,000 to 10,000 dollar range and easily have the cash to pay for the car.
1:01.0	This is separate from our emergency fund. We both have
1:03.8	401k's etc. I'm a fan of the pay cash option. I'm a big hater on debt. Neither of us
1:09.8	have college debt. She has heard that to build credit history for a mortgage in the future we should
1:14.4	take out a car loan. We've both had credit cards, never missed payments, but neither of us have
1:19.0	ever had a loan in our name. Thoughts? Spencer.
1:22.1	End quote. Dear Spencer. name.
1:24.0	Dear Spencer, you've never had a loan in your name?
1:27.0	Wrong.
1:28.0	Your credit card is alone, so to speak.
	...

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