https://ficoforums.myfico.com/t5/General-Credit-Topics/Auto-loan-PLOC-or-just-PLOC/m-p/4272859#M217564 <BR />Next step for me in my credit journey comes in November. My oldest inquiries should age off and my 730ish score will hopefully climb over 740.<BR /><BR />At that time I have three moves to make:<BR /><BR />1. Car purchase<BR />2. Open PLOC and move my banking to BECU<BR />3. App Discover IT and/or CITI double cash<BR /><BR />Then back to the garden for a long time.<BR /><BR />What I have been turning over in my head is whether I need/want the car loan. I have been saving for that purchase and should only be about six months short of having the full cost saved up.<BR /><BR />Option 1, get a car loan with flexible payment terms and pay it aggressively until only a small balance remains after six months, let that run as an installment loan just to have one.<BR /><BR />Option 2, just get the PLOC and use that to finance the car. Higher interest rate but the most flexible repayment options and since I can pay it within six months it should not be too much interest<BR /><BR />Option 3, use the PLOC then transfer my savings from Canada to repay it immediately. The downside is I lose 2-3% on the currency exchange so this isn't clearly better than financing<BR /><BR />Question for you guys is going from no installment loan today, how much will it help me in future to have that? Sun, 11 Oct 2015 05:50:24 GMT Anonymous 2015-10-11T05:50:24Z https://ficoforums.myfico.com/t5/General-Credit-Topics/Auto-loan-PLOC-or-just-PLOC/m-p/4272859#M217564 <BR />Next step for me in my credit journey comes in November. My oldest inquiries should age off and my 730ish score will hopefully climb over 740.<BR /><BR />At that time I have three moves to make:<BR /><BR />1. Car purchase<BR />2. Open PLOC and move my banking to BECU<BR />3. App Discover IT and/or CITI double cash<BR /><BR />Then back to the garden for a long time.<BR /><BR />What I have been turning over in my head is whether I need/want the car loan. I have been saving for that purchase and should only be about six months short of having the full cost saved up.<BR /><BR />Option 1, get a car loan with flexible payment terms and pay it aggressively until only a small balance remains after six months, let that run as an installment loan just to have one.<BR /><BR />Option 2, just get the PLOC and use that to finance the car. Higher interest rate but the most flexible repayment options and since I can pay it within six months it should not be too much interest<BR /><BR />Option 3, use the PLOC then transfer my savings from Canada to repay it immediately. The downside is I lose 2-3% on the currency exchange so this isn't clearly better than financing<BR /><BR />Question for you guys is going from no installment loan today, how much will it help me in future to have that? Sun, 11 Oct 2015 05:50:24 GMT https://ficoforums.myfico.com/t5/General-Credit-Topics/Auto-loan-PLOC-or-just-PLOC/m-p/4272859#M217564 Anonymous 2015-10-11T05:50:24Z