last month i walked in to 3 diffrent bank and open a cd account then went back in there again and got 3k loan out from each loan (secured) term of these loans are 12months 8.6% and they paying 5.75% to my cd account . question : how long should wait before i payoff also if i payoff with in 4 months does this will help me increase my score? thx for ur advice
RE: ok !!please advice ? secur No, you must pay them over a longer span. Mil, i have read different opinions on this. But I believe that if you take longer to pay, it will definitely help your score. If you pay in 4 months if may help your score. I would go for the definite. I paid mine in 3 months & equifax stills has my loan too new too rate. I would wait. Patience counts. roni mil wrote: ------------------------------- last month i walked in to 3 diffrent bank and open a cd account then went back in there again and got 3k loan out from each loan (secured) term of these loans are 12months 8.6% and they paying 5.75% to my cd account . question : how long should wait before i payoff also if i payoff with in 4 months does this will help me increase my score? thx for ur advice
RE: ok !!please advice ? secur I say 6 months to 12 months is minimal to establish a good credit payment history. Also make sure that the creditor does report to CRA, hopefully all three. mil wrote: ------------------------------- last month i walked in to 3 diffrent bank and open a cd account then went back in there again and got 3k loan out from each loan (secured) term of these loans are 12months 8.6% and they paying 5.75% to my cd account . question : how long should wait before i payoff also if i payoff with in 4 months does this will help me increase my score? thx for ur advice