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Hi everyone. 
I just have a question on deciding if I should pay this in full or over the next few month.

I had to file chapter 13 in 2015. 
I’ve been rebuilding since discharged in June 2019. I’ve done really good with CC’s since then. I was approved for 3k with PayPal credit. I only use it for purchases over 100 so I can get 0% for 6 months. I owe $1300 on it now. (Christmas) It will be interest free until June. 
I needed a an installment loan so I got $3600 via Upstart. I refused more because I just need the trade line. 
My question is do I just pay $350 over the next few months and put the money in savings or go ahead and just pay it in full? 
The total credit lines for Credit cards including the PayPal is $8750 

I owe less than $1400 total. 
I’m going to let them draft the payment for the loan monthly and then just pay it in full at 13 months. 
That’s my plan and it makes sense in my head. I just don’t know what to do about the Paypal account. Pay in full now or wait and get the extra interest from savings account. 

any advice? I over think everything. 

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How much juice will it cost you to keep the loan to expiration?  Never (well almost never) pay interest for a tradeline.  You want them to be as painless as possible.  Loans do not add much to the credit score which is why so little is lost when the balance goes to zero...

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To go for the entire length, right at $650. That’s the main reason I want a positive 12 month history and then paying it off. I don’t mind paying a little because I did mess up but not paying the entire interest. Once the BK falls off, if all of my math is correct, I should be sitting right at an 800 score. I’m at 679 now. 

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When your reports are otherwise perfect, it's absolutely NOT necessary to have an installment loan in order to have super-prime FICO scores (but that doesn't stop some of us from having an unnecessary $2.80 mortgage payment anyway).

 

Until your BK falls off, though (< 2 years), whatever you can do to buoy your score will help with other approvals (noting, of course, that approvals aren't solely score-driven).

 

13 hours ago, Racheljp3 said:

$650.

How far past the BK dropping does the loan term extend?  And is this the total interest you'll pay, or the sum of the scheduled payments?

 

The metric that would be important to me is the interest that will be due between now and when the BK falls off.

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I’m paying the loan off in March of next year. I wanted to have 12 months of positive installment payments reported post BK.  

I’m just trying to weigh the pro’s and cons of paying off the PayPal balance now vs paying it off over several months. 
 

The BK falls off in 10/2022 and all accounts included will be off by then. 
 

 

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11 hours ago, cv91915 said:

When your reports are otherwise perfect, it's absolutely NOT necessary to have an installment loan in order to have super-prime FICO scores (but that doesn't stop some of us from having an unnecessary $2.80 mortgage payment anyway).

 

Until your BK falls off, though (< 2 years), whatever you can do to buoy your score will help with other approvals (noting, of course, that approvals aren't solely score-driven).

 

How far past the BK dropping does the loan term extend?  And is this the total interest you'll pay, or the sum of the scheduled payments?

 

The metric that would be important to me is the interest that will be due between now and when the BK falls off.

The loan goes right at 2 years past the BK drop and that is the total interest for the loan.

I’m not planning on opening up anything else. The only other think that I plan to do it become an AU on a Chase freedom card. It’s been open for 15 years, 35k limit, low utilization. 
Once everything falls off, I am planning to get a higher rewards CC for my everyday card. Who knows what kinds of cards will be out at the end of next year. 

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  • 2 weeks later...
On 2/22/2021 at 10:28 AM, centex said:

Loans do not add much to the credit score which is why so little is lost when the balance goes to zero...

 

I've been curious about this. I have a paid car note and a paid credit builder loan that are both now closed. I've had a couple of CLI denials which mention "no installment accounts" as a factor. Am I to assume that only open installment loans are beneficial? Thanks. 

 

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