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Personal loan advice needed, please.

New Member

Personal loan advice needed, please.

I owe $860 on an unsecured, personal loan through a local bank (4 more payments.) I have been 30 days late on the payments a few times which is very adversely affecting my credit score. 

 

My question is this, which would help my score more: 1. paying the loan in full when I get my tax refund or 2. just paying the next four payments on time. 

 

Thank you helpful people! 

Message 1 of 3
2 REPLIES
Valued Contributor

Re: Personal loan advice needed, please.


Impedimenta wrote:

I owe $860 on an unsecured, personal loan through a local bank (4 more payments.) I have been 30 days late on the payments a few times which is very adversely affecting my credit score. 

 

My question is this, which would help my score more: 1. paying the loan in full when I get my tax refund or 2. just paying the next four payments on time. 

 

Thank you helpful people! 


Just pay the next 4 months on time so you have good history for those months. Also look on this forum for "Good Will" letters and start writing them asap to see if they can delete those late comments and notations for you.

625 EQ FICO Current Score: 660 DCU EQ FICO/ 645 Scorewatch EQ FICO , EX FICO 664, TU FICO 737 (08/2014)
Goal Score: 700   Seedling again as of 07/29/14
Message 2 of 3
Super Contributor

Re: Personal loan advice needed, please.


Impedimenta wrote:

I owe $860 on an unsecured, personal loan through a local bank (4 more payments.) I have been 30 days late on the payments a few times which is very adversely affecting my credit score. 

 

My question is this, which would help my score more: 1. paying the loan in full when I get my tax refund or 2. just paying the next four payments on time. 

 

Thank you helpful people! 


How recently did the late payments occur?  If they are all only 30 day lates, they'll likely stop hurting your FICO score significantly within 12~24 months.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
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