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1993Christopher

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Car and student loans are ending soon. What should I do to help my credit?
I was told that once my car loan and student loans are closed because I paid them off my overall credit goes down and will hurt my score. I want to get a house in the next ~4 years and if I have no other line of credit (other than my little 500 dollar credit card I just got) what can I do to help my situation?

Ive had the loans for about 3 years, I just got a credit card, if I open a new credit card that would bring my credit age down too, and there are not really many things I am wanting to buy at the moment either. Like I said I am just saving money for a house right now...

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Have a total of at least three credit cards and one installment loan open at all times. Just make sure that they all report to all three credit bureaus. The amount of the loan does not matter. It would be best to take out a small loan and pay 3/4 of the principal back right away and then just let it ride. Just make sure that your lender still updates the loan monthly as paid as agreed. Don't worry about the age of your accounts when you are trying to build, because you need extra accounts to build, besides that if it will be a few years down the road before you are buying a house, lowering your account age today will really not have that big of effect then.

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