Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Scores
Profile Image

Question By
generix

1 Contribution
0 People Helped
Is it more beneficial to take out a shorter or longer loan?
I'm about to take out a loan for a medical procedure. They offer 3/6/12 month no interest loans. I can pay the entire amount up front but want to achieve maximum benefit for my already good credit score.

Is it better to drag out a loan or pay off the same amount more quickly, assuming no interest is involved? We're talking maybe $1500 or so. Of course, all payments would be on time.

Thank you!

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
1 Contribution
0 People Helped

So assuming this loan is reported properly, would I see any real difference in the impact on my credit score if I did a 3 month vs 12 month loan?  I can't find this information anywhere.  Thank you!

Top Contributor
3051 Contributions
2786 People Helped

Helpful to 0 out of 1 people

Personally, I would take the no-interest offer (either of the 3) and build up your credit.  That's assuming of course that the lender actually reports to the credit bureaus, otherwise it doesn't matter.  Make sure whomever is making the offer reports to at least 1 of the three bureaus.

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.