2066: Should You Get a Car Loan to Improve Your Credit Score? Heck No! by Paula Pant

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 16 October 2022

⏱️ 11 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 2066: Should You Get a Car Loan to Improve Your Credit Score? Heck No! by Paula Pant 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/ Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily, Episode 2066.
0:04.6	Should you get a car loan to improve your credit score?
0:07.7	Heck no!
0:08.7	By PolyPant of a FordAnything.com.
0:11.8	And I'm your host and personal finance enthusiast, Diana Mariam.
0:16.0	Now let's get right to it as we optimize your life.
0:23.3	Should you get a car loan to improve your credit score?
0:26.3	Heck no!
0:27.3	By PolyPant of a FordAnything.com.
0:31.5	One reader asks, I'm young, 23, and my fiance and I are looking at getting her a used car
0:37.8	to replace her old clunker.
0:39.6	We're looking at the $6,000 to $10,000 range and easily have the cash to pay for the car.
0:46.2	This is separate from our emergency fund.
0:48.4	We both have 401k's, etc.
0:51.1	I'm a fan of the paid cash option.
0:53.6	I'm a big hater on debt and neither of us have college debt.
0:57.8	She has heard that to build credit for a mortgage in the future, we should take out a car
1:02.0	loan.
1:03.0	We've both had credit cards, never missed payments, but neither of us have ever had
1:07.2	a loan in our name, thoughts, Spencer, Deer Spencer.
1:13.6	You've never had a loan in your name, wrong.
1:17.1	Your credit card is a loan, so to speak.
	...

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