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Frequent Contributor
CreditBob
Posts: 493
Registered: ‎05-01-2007

Paying off a bank loan early

If you have a bank laon for a term of 12-24 months and pay it off in 3 months how long is it an affecting mfactor that it will be a new account? In  other words how long will it be labled a new account even though it was paid off in 3 months. I know the score will not really go up because I did not have 6 months minimum of payments. But new account status, how long ebfore that is no longer a determining factor. Anyone please!!!
Established Contributor
sl
Posts: 581
Registered: ‎04-11-2007

Re: Paying off a bank loan early

It is my understanding that anything under 12 months is considered a new account.

I hope this helps.
Frequent Contributor
CreditBob
Posts: 493
Registered: ‎05-01-2007

Re: Paying off a bank loan early

I think you are right on that. Thank you

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