1 of 10
2 years ago
Sun Jan 29, 2023 10:52 am
Kreditory
Authorized Rebel
Looking for commentary of the wisdom of taking unnecessary loans for the purpose of better rates on mortgages or other functionally necessary loans down the line.
Example:
Thin file --- no open loans --- one A/U card
FICO 8 of 740
Wish to just establish some history now to have on file for later when important.
Willing to put the next Appliance or other $1-2k household purchase on a store card like Lowes/Synchrony..... OR make some other purchase that I would otherwise pay cash for, and pay off in a 1-6 month time.
My ONLY justification for doing so is that paying even $500 in unnecessary interest on smaller loan or account would hypothetically reduce interest down the road by a reduced mortgage rate(even a small difference would add up).
Open to other strategies AND all input welcome.
Example:
Thin file --- no open loans --- one A/U card
FICO 8 of 740
Wish to just establish some history now to have on file for later when important.
Willing to put the next Appliance or other $1-2k household purchase on a store card like Lowes/Synchrony..... OR make some other purchase that I would otherwise pay cash for, and pay off in a 1-6 month time.
My ONLY justification for doing so is that paying even $500 in unnecessary interest on smaller loan or account would hypothetically reduce interest down the road by a reduced mortgage rate(even a small difference would add up).
Open to other strategies AND all input welcome.