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Paying off personal loan

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Hi,
 

I opening up a personal loan at NFCU on March 22, 2019 for $5000. Term is 30 months 

 

I only opened the loan because all my credit reports only have credit cards reporting no collections, auto or home loans student loans. - & I wanted to improve my account mixture. 

 

I never spent any of the money - I have it in a high interest account. 

 

Whats a good time for me to pay the loan off? Is there a "good time"? 
 

Since it's been a year - would paying it off now be hurtful or defeat the purpose of opening it up in the 1st place?

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curious, did this increase your FICO scores by thousands of points?

 

How much interest has this cost you over the past year?

 

I'd PIF and never pay interest hoping it would help FICO

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1 hour ago, hegemony said:

curious, did this increase your FICO scores by thousands of points?

 

How much interest has this cost you over the past year?

 

I'd PIF and never pay interest hoping it would help FICO

Piggybacking on this with The added questions:  


1). what were your scores before you took out the loan?

 

2). whats is the utilization on the cards that you have reporting?

 

3). what are your goals in the foreseeable future that require higher scores?

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The installment loan hack includes paying most of the loan off immediately so you pay the minimum interest. 

 

And the entire benefit is lost as soon as you pay it off. So to answer your question, there's never a good time to pay it off. 

 

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