I never took a credit card before last year because I have been always fortunate to have sufficient money to cover my expenses and I was under the impression as long as I paid my bills on time, my credit score would grow
Unfortunately,only last year I realized that you do need a credit card. That said, I did get one I have slowly built my credit to about 760 and have also added another credit card to the mix while paying off my bills very diligently.
I plan to buy a car and while I have the money to pay it off in cash upfront, my friends recommend I get an auto loan to diversify my credit lines and potentially enhance my credit suitability as someone who can take pay off loans.
While I can see the value in what they say, I am trying to figure out is there value in taking debt just for the sake of increasing my credit lines.
So the question is should I get a auto loan for diversifying my credit lines even though I have cash upfront