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Knight
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One of the things I was always taught to look for on installment trade lines was an amount of at least $5,000.00 and a minimum reporting period of three consecutive years.  Installment loans like that do relatively little to raise a FICO® score, the time reporting is what contributes to a healthy solid profile backed up by a commensurate FICO® score.

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15 hours ago, Knight said:

For the best impact on one's credit score, what is the best way to pay-off a personal signature loan (APR 10.99%) Principle = $6,000 to avoid paying too much interest? 

Loan term = 60 months.

 

Pay down to nearly zero and then extend out the payments as long as possible. This was the way with the Alliant loan hack. 

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11 hours ago, shifter said:

Pay down to nearly zero and then extend out the payments as long as possible. This was the way with the Alliant loan hack. 

Currently my monthly payments are $100 per month. Let's say I pay it down the principle from $6,000 to $200. Do you think the "monthly" payment amount will drop accordingly and spread out over the 60 months period or would it remain the same and hence the principle would be paid off in 2 months?

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5 hours ago, Knight said:

Currently my monthly payments are $100 per month. Let's say I pay it down the principle from $6,000 to $200. Do you think the "monthly" payment amount will drop accordingly and spread out over the 60 months period or would it remain the same and hence the principle would be paid off in 2 months?

Depends on the creditor. The ideal creditor will have your prepay push out the due date and keep the same terms. If they require the full payment each month, they are not valuable. 

 

 

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On 12/10/2022 at 6:31 AM, MarvBear said:

@Knight I don't trust this so-called hack. I believe depending on the lender you could be playing with fire. When I look at a credit file, it is so easy for me to suss out these things the consumer has done to "inflate" a score.  Be careful and good luck to you.

 

I did not take out the loan for the hack. I already have installment loan history on my file. I needed it for something. I was inquiring about the best way to pay it back without paying $1,000+ in interest. 

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8 hours ago, Knight said:

did not take out the loan for the hack. I already have installment loan history on my file. I needed it for something. I was inquiring about the best way to pay it back without paying $1,000+ in interest. 

 

I wasn't criticizing you.  I was just trying to give you a little extra information.  My sole intent was for your betterment.

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22 hours ago, MarvBear said:

 

I wasn't criticizing you.  I was just trying to give you a little extra information.  My sole intent was for your betterment.

Oh thank you. I did not take it as criticism. Although I always welcome constructive criticism.

Trust me, I was not offended in the slightest. Being ex-military, I should hope I have a ticker skin than that. 😂

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