cancel
Showing results for 
Search instead for 
Did you mean: 

Loan Repayment Question

tag
mikie209
Regular Contributor

Loan Repayment Question

I got a loan because I need some quick cash. It is only a 6 month loan term and the first payment is not due yet. I have the money to repay it all on the first payment. Should I pay it all and avoid the interest or should I pay monthly for my credit report? I saw that it already posted to my credit report.

Message 1 of 3
2 REPLIES 2
marty56
Super Contributor

Re: Loan Repayment Question

PIF.  There is never any good FICO reason to pay interest on any loan if you can PIF.

1/25/2021: FICO 850 EQ 848 TU 847 EX
Message 2 of 3
ezdriver
Senior Contributor

Re: Loan Repayment Question


@mikie209 wrote:

I got a loan because I need some quick cash. It is only a 6 month loan term and the first payment is not due yet. I have the money to repay it all on the first payment. Should I pay it all and avoid the interest or should I pay monthly for my credit report? I saw that it already posted to my credit report.


If you don't mind paying the interest on the loan for the privelege of a tradeline with 6-month history of positive payment, then pay as agreed.

Message 3 of 3
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.