If I pay off a 00 loan in less than 6 months, is that bad for my score?

I’m getting a personal loan for an emergency.
But I want to pay it off real early, so I can get an auto loan in May.

Will it hurt my credit if I pay it sooner?

...asked on July 24th, 2013 @ 2:41 am in Credit Card - Business

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...answered by Big Jebb on July 24, 2013 @ 3:14 am

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The quicker you pay off a loan, the better.

...answered by VanityPrincess on July 24, 2013 @ 4:06 am

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Heck NO. That’s a good thing not a bad thing. Pay it back by April 1st. Make a few payments to show that you can carry debt and pay monthly without being late. Don’t pay it back all at once.

Be sure there isn’t an early payment penalty. Those suck. If it does…look for your loan elsewhere.

If the loan is paid automatically out of your paycheck,did you know it won’t count as a plus on your credit rating. They don’t count it at all if its an allotment. It only counts if you have to take the time and energy to send a payment yourself.

...answered by Laurie H on July 24, 2013 @ 4:32 am

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Save and spend…………..That thought of Credit is just stupid of which most of us Americans have bought into. Don’t believe it…………it just doesn’t make any cents at all.

You will be 1000 times financially weathier using what you already know is best. Listen to YOURSELF.

Save and Spend.

It is a trap……………… EVERY way……………wether you get into financial trouble is not the point, …… GIVE them your money……………just that simple

...answered by schmidt50401 on July 24, 2013 @ 5:12 am

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It could.
I have no loans . own the house free and clear . no car loans and 0 balance on my one credit card i only use for travel. I only earn about $ 40,000 a year. so i am not rich
my Fico score is 0.
I don’t care about my credit. because i will never apply for a loan
I work hard, save my money and only but what i can pay cash for.

...answered by chase on July 24, 2013 @ 6:06 am

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Paying it back sooner won’t actually hurt your credit. It will also save you some interest. However, it might not help your credit either.

Installment loans build credit by making payments over time. You have to pay on an installment loan for at least 12 months before it does much for your score. But it’s better to think with your pocketbook than pay all that interest for a few score points.

...answered by bdancer222 on July 24, 2013 @ 6:19 am

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A credit score is based on a 12 month activity. It usually goes up between 5 to 10% per month. If this is your first experience with credit, it would be best to make at least 24 payments in order to boost your credit score.

...answered by stan c on July 24, 2013 @ 7:03 am

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There have been a several options for lending.just you have to choose depending on your purpose.Most people come up with bad credit for a loan.i don’t think it is not hard to get now a days with out having fair credit score.check this is place may be a help to find solution.

You can get approved for an online loan on same day.i advise you to pick loan from certified lenders .direct loan is the good choice so that you will get at low apr compared to different states……..

...answered by Lotus Lim on July 24, 2013 @ 7:53 am

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