Can paying off a personal loan early adversely affect your credit score?

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KNOWLEDGABLE PEOPLE ONLY!
We have a small personal loan through the bank and it has been paid on time since Feb. But we contacted one mortgage company who said that it looked bad, then another said it was fine. But we really want to pay it off so it is one less bill. They don’t take a fee or any interest to pay it off early. But we need to know if it will cause our credit to go down.

5 Comments
  1. Reply
    mel
    May 21, 2011 at 7:47 am

    no it’s better for you. give me the phone number of the company that told you it looks bad, I will personally rip them a new one.:))

  2. Reply
    Brandy W
    May 21, 2011 at 8:14 am

    Paying it off early shouldn’t make your score go down, but it could keep your score from going up.

    Generally speaking you want to pay on a loan for six months before paying it off….that way you show proof of revolving credit.

    If you have had the loan for more than six months, pay it off….

  3. Reply
    annie w
    May 21, 2011 at 8:16 am

    No, it will not adversely affect your credit. Your credit will not go down it you pay it off. ***

  4. Reply
    Kat
    May 21, 2011 at 8:24 am

    It depends on what type of personal loan it is. If it is a creit line and you close it. your score will definitely go down. If is is an installment loan (same amount of payment every month) then you score could go up and possibly could go down. It depends on if it is the oldest tradeline that you have. There are so many factors involvedin a credt score. More information is needed and you are welcome to email me. I work for a credit attorney and I used to be a mortgage lender for 10 years.

  5. Reply
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    May 21, 2011 at 8:25 am

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