This is my first time on the boards and im just lookign to get a little advise. Here's my situation:
I currently own a 2004 dodge ram 1500 that was purchased 10 months ago for ~$19k after taxes
(12k down and financed $6700 through wells fargo). Since my purchase gas prices in southern california have increased almost $2.00 per gallon! Needless to say im looking to purchase something a little more economical this time around. At the rate of 12mpg i am spending $800 a month in gas alone. So may real question is do i pay of the remainder of the loan (~$2500) and then sell the truck before i purchase the new vehicle or should i keep that line of credit going untill after i make the purchase. Im not really sure what the effects of closing that will do to my fico score. Im 22 so my credit history isnt very long but is good standing with no late payments on my creit card or truck and i always pay more than the minimum payment. The only other loans i have are school loans which are in good standing untill i stop going to school and payments begin. I have about $900 in credit card debt, with only one card, that gets paid down every month. Any advise as to what i should do would be appreciated.
Thanks