To finance or not to finance...

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GC

• April 04, 2022 19:31
• Edited

I have been working toward improving my credit score to finance a car by the end of the year. Recently I learned that I need to repair some gutter work on my house. They are offering to finance, but I'm worried about applying. 

I have the capital to pay for the repair entirely right now, but this would tap into my reserves that I was hoping to put towards the car down payment.

Would financing the house repairs be detrimental to my goal of securing the car? Or would this help my credit? I'm torn between staying pat and paying down current debt or increasing my credit profile.  Any advice?

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• Official comment

  

  Hao

  • April 06, 2022 00:21

  Hi there, 

   

  Thanks for your question. While we aren't able to offer personalized financial advice, I've gathered some resources that may help in your decision making: 

  -Got Home Improvement Plans? How a Credit Card Can Help

  -Should You Put Your Home Renovation on a Credit Card?
  
  Best, 

  Hao

   

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