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Paying a bunch down/off

Moderator Emerita

Re: Paying a bunch down/off


Watchmann wrote:
I would not continue to pay interest over a longer period of time in the hope that you may get a few more FICO points.  The goal is to get out of debt, so if you have the money pay it off.  Don't be a slave to the FICO score.

It's not being a slave to the score, anyway. It's a poorly written comment in the sim.

There is no benefit to the FICO score by dragging out repayment over time, as was stated above. Pay as much as possible as quickly as possible, keep the util down, and after the stated period of time, your scores may (or may not) be in the projected range.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 11 of 12
Established Contributor

Re: Paying a bunch down/off


Watchmann wrote:
I would not continue to pay interest over a longer period of time in the hope that you may get a few more FICO points.  The goal is to get out of debt, so if you have the money pay it off.  Don't be a slave to the FICO score.

 

Oh no, I was merely commenting that part of the projected score increase would come from aging. that will happen naturally. Of course it's better to save money on interest than to drag out payments and no points to be gained from dragging them out.
Message Edited by VEEnVEGAS on 04-25-2009 03:02 PM
Message 12 of 12