Originally Posted by RC000E
Decided to implement a credit boosting strategy here. May pull a personal loan from the bank to pay for the bus, so we can direct funds for the buildout to that, instead of the purchase price. I'm in the credit union and have boosted my credit score over 120 points in the past 8 months. I'm antsy to get this beast into my possession though.
Strange how adults are...school buses are just a means to get to the daily grind as a child...here as an adult you're like "a big machine!!!"...at least that's me anyway..lol.
Figure we can defer the purchase cost, pay it off quickly with no early penalties, and get a great credit score boost while we're there for minimal cost/interest. Anytime I make a purchase over 500.00 I try to figure out how to spin it toward my credit rating. Though, admittedly, the past few years and past few businesses I owned took their toll.
The bus is a means to reduce my day to day living costs, so I can focus on commercial real estate development more closely. We'll see how it pans out. I never took the path frequently traveled, why start now?
I always hada decent credit score as I have a mortgage and always a car lease or two however I always would use a credit card Just to get the travel points.. pay it off even before the bill came out.. just to be "0 credit card debt.. some kind of ego boost I guess".. but my score would never go into the "great criteria.."..
then I started letting my cards bill but pay them off on their due dates... that gained me a large amount of points....
I will take out an installment loan every now and then even though i have way more money in the bank than the loan is just to run it and pay it off...
it has sent my credit score way up just because its a "diverse portfolio"..
people can say its a waste of paying interest on a personal loan.. however for me the ROI is real because I refi'd my house at the absolute Best interest rate available... I get all my car leases at rock bottom rates..
so for me over time paying a little perosnal loan interest has resulted in a lot less interest paid elsewhere ..
a Tall credit score also helps with insurance rates also...