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alyssa * | Will paying off my loan early lower my credit score? |
I have $140 montly due for my student loan, I want to pay the $1680 once a year insted of remembering to write a check (or worry about what is in my bank account if i set it up to withdraw automatically. I also want to pay off my car loan early to decrease the amount of interest I'm paying in the end, but I don't want that to drag down my credit score and then make it hard to buy bigger things later, like a house. |
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hirebookkeeper
|
No, the opposite. Your score will go up. |
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Faye H
|
You'll have to check with the student loan people about whether or not you can make a yearly payment rather than a monthly payment. The one person that I know of that tried to do that, they just took the whole 1600 off the principal and then expected him to continue his regular monthly payments. Granted, he owed them less but they did not make it a yearly payment and he still had to pay them monthly.
Paying your car off is a great idea. I had a 6 year loan on mine and paid it in about 2 years. Saved a ton on interest. It shows up on my credit report as paid in full, never late, etc. It actually helped my score because it reduced my overall debt. My score jumped up about 30 points right after that. |
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SG Elite
 |
Repaying loans early will increase your credit score so there is no cause for worries about you buying bigger ticket items in future. |
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SPIFIMAN1
 |
Actually your score will go up. A couple of things you need to consider, if you have not made at least 12-payments on your car, do not pay it off until you have. Banks look for at least 12 payments made as agreed to qualify for a loan. Also you need to check with the student loan people about making annual payments and see if it's allowed. |
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Pepe plazas
|
Paying off any loan, does not change your credit score. What
it does,it improves your credit record. About your student loan
you have to follow the rules of the loan, avery loan has a min.
amount of money to be paid every month. you don't have to
pay more ,if you don't want to. However the faster you pay it
the less interest you will pay at the end. The car loan ?. There
are conditions writen in the sales contract,which you must
comply with, read the terms of the payments, in same cases
you can pay all at once, if you want to,without penalty.
talk to your Bank, they will tell you what is the best. |
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Harry P
 |
The more loans you take out and pay off the higher your credit score. So pay off as many loans as you have and take out others ... bigger ones.... and pay those off. Then take out even bigger ones and pay those off!!!! Your score will keep going up. Its ridiculous but true!!!!!
Get a credit card, use it and pay it off monthly. Do not keep a balance. Your credit score will increase.
The more credit that you turn over the better your credit score.
However, you don't want to keep having loan companies (credit cards and banks) accessing your credit history too often. That lowers your credit score. |
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VT
|
Get that annual payment plan in writing from the Student Loan company before you try to do it. Spoken words are worthless in court, and you don't want to suffer delinquencies for going 11 months without payment unless such a lapse is allowed. Moreover, student loans cannot be discharged via a bankruptcy proceeding.
Call the car loan people, read your contract, and make sure there's no prepayment penalty if you pay your loan off early.
I've never read anything that said you'd lose FICO score points for paying off a secured loan early. 10% of your FICO credit score is credit mix, what types of credit you're using. The good types are mortgage, secured loan, major credit cards, department store cards. The bad types are payday loans, overdraft loans, and personal finance lines of credit used for cash advances. Ideally you should have one account in each of the good types. If you pay off your secured auto loan, you'll lose one of those good types when the closed auto loan falls off your credit reports in 7 years. But before that, your mortgage lender will be able to read the trade line on your credit report and see a paid off loan, paid ontime. |
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Melissa T
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if you're paying off your car loan under 9mon that is not good and won't help your credit. take atleast a year and then pay it off. paying yearly for a loan or once a month won't make a difference with your credit score as long as it's paid on time. oh and buying a house is alot easier to get approved for then a car loan. houses appreciate and banks take fewer losses vs cars that depreciate. I'm in the car business, so take my advice on waiting over 9months to pay the car off. |
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LaLaâ„¢
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your score will actually go up! |
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Misty
 |
paying off debt is always good for your credit. you may end up being penalized by the auto loan co. depending on your loan terms, but paying off such a large amount of debt will help your rating, not hurt it. |
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j
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nope it will make it go up just watch out for pre-payment penalties. |
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