Best course of action

citylover · #1 Jun 13, 2008, 07:14 PM

I have been saving for a house (my first) and the market is great now to buy one. I remember a couple of years ago a lender advised me that I should have 3 lines of credit. He noted this when he saw I only had 2 credit cards. I need to buy a car. Mine was wrecked. So am I wondering if I should take a loan out for the car to give me a 3rd one. My score is currently 864. I have no debt and have a six figure income. Does it make sense to have the car note when I apply for a mortgage , does it help me at all? or should I get the car loan and pay it off quickly (which I can do) then apply for a mortgage? I have saved a good down payment for the house. Thanks for your help.

George_1950 · Jun 13, 2008, 07:28 PM

Makes sense to me, just use financing (a note) that doesn't impose a prepayment penalty.

timozozo · Jun 16, 2008, 11:14 PM

I just went thru the loan process and first thing I would do is to get preapproved thru your bank ,credit union, then shop around. There are some great articles from the Morgtage professor at yahoo. He is great and A-1. If you have all the bases covered then you will make the right call. Pay cash for the car. timozozo

George_1950 · Jun 21, 2008, 04:35 AM

Here's additional info (a lot of it) that may shed additional light: KnowDebt.org - Resource Center



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