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duked5

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Will having a car loan build my credit? Will my term of credit change if I do a balance transfer?
Will having a car loan build my credit?

in other words im a teen I have high ultilization, I never missed a payment on either of my CC or car loan. I just want to know. I had a high balance with wells fargo college card for a while , and I'm with navy federal as well and was going to do a balance tranfer. I make many payments within the month paying them down.

Will my term of credit change if I do a balance transfer?

I still plan on paying them down, putting my taxes I get back towards them, and every other dime I can find around.

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As a rule of thumb, if you're in a hole; stop digging. You're already paying interest on the credit cards with a high utilization. Pay these off or down. Your credit score will go up as payments are made on time and the utilization decreases. A higher credit score means a lower interest rate on future credit cards and loans. 

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