Valued Contributor
Posts: 1,453
Registered: ‎04-14-2012
Re: 8k used car loan, VERY high interest rate, really low debt to income ratio, VERY low score

Once you open it, it will be on your report for 7-10 years. You will not gain the points per month as far as payments go but showing the loan amount and PIF is going to help. However, do not even consider paying interest and fees like that just for the sake of credit score!!!

There are many many many other options to build credit without doing that. 

The terms you described are outrageous and you are just throwing away your money...that is NOT a sound financial choice.

*8/10/13