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