Again, really need some advice on this please!

[Bri89]

Question All,

I financed a Kirby Vacuum back in September 2011. I have a small balance left on it as of today. I would like to just pay it off and close it. It would save me that monthly payment and plus my interest rate is a bit high therefore if I just kept paying on it I'll end up paying like $200 plus on interest by the time I am done. HOWEVER, I am smack dab in the middle of the process of getting my house (it's being built, and will be another 4 months) SO I am wondering if it would be advantageous for me to pay it off. It's the ONLY "installment" loan I have reporting.

I have: 2 dept. store CC's, 1 major CC, 1 installment loan, 2 student loans with Sallie Mae (currently in deferment and reporting as such on my credit)

So If I pay it off, will this hurt my credit score? Not having a good mix? HELP please

Thanks in advance.

[Bri89]

Question All,

I financed a Kirby Vacuum back in September 2011. I have a small balance left on it as of today. I would like to just pay it off and close it. It would save me that monthly payment and plus my interest rate is a bit high therefore if I just kept paying on it I'll end up paying like $200 plus on interest by the time I am done. HOWEVER, I am smack dab in the middle of the process of getting my house (it's being built, and will be another 4 months) SO I am wondering if it would be advantageous for me to pay it off. It's the ONLY "installment" loan I have reporting.

I have: 2 dept. store CC's, 1 major CC, 1 installment loan, 2 student loans with Sallie Mae (currently in deferment and reporting as such on my credit)

So If I pay it off, will this hurt my credit score? Not having a good mix? HELP please

Thanks in advance.

[pizzadude]

FICO weighs revolving utlization much more significantly than installment utilization, so you likely wouldn't see much of a score gain or drop from paying the loan.     And it should still be counted in your mix of credit either way.

If you are borderline with your scores then I wouldn't touch it.    I would assume that your creditor will likely pull your CRs again before closing.

[MamboItaliano]

Did you already have your credit pulled for your mortgage?

[Bri89]

As of today, I am at 667 and I have at least a 620 to close. With 4 months to close I am just really trying to go up not down :/

[Bri89]

Yes I did.