Originally Posted by DukeDelonte13
Having upwards of 20k in debt does more damage to your credit than making car payments on time helps it.
The old "it helps build your credit" line is kind of true but kind of misleading. It's a sales tactic / self justification for making the big leap to undertake the debt.
What bankers look at for mortgages is how much you make, how much you have, how much debt you have, and how much you are looking to borrow.
no it doesnt. only in the interim of obtaining the loan will your credit drop, while you make payments, it increases and when you pay it off it ends up reflecting your credit better than it was before the loan.
People with A+++ credit scores have 10+ credit and loan accounts on their report. because through their time of having credit they proved they can pay off credit cards, multiple cars, miscellaneous loans, and houses.