Any issues with refinancing then making a big payment

[randomguy1]

Just wanted to make sure this was kosher...

Was successful in a refinance with a CU. Is it okay to refinance, wait for the statement to post, then make a large (41%) payment to get the FICO bump?

edit: Should be 31% . Thx for the correction.

[Shooting-For-800]

Why not?

I would spread it out over multiple payments for cash flow, but that is me.

[Anonymous]

It would be kosher if early repayment is good to go in the terms of the loan,

so you would have to look over them. Some do not allow, or they charge a fee etc.

But also it may or may not push out your next payment date,

so be prepared (if not already) to make normal payment next month and there after.

dont over extend your finances for this possible quick bump

And depending on the math?  41% would bring it down to 59%?

You would see a bump from passing the 88.9% and 68.9% levels.

But your overall profile will factor in, so the bump may be greater or lesser than what you may be thinking.

Next would be the 48.9% level

Good luck!

[randomguy1]

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@Anonymous wrote:

It would be kosher if early repayment is good to go in the terms of the loan,

so you would have to look over them. Some do not allow, or they charge a fee etc.

But also it may or may not push out your next payment date,

so be prepared (if not already) to make normal payment next month and there after.

dont over extend your finances for this possible quick bump

And depending on the math?  41% would bring it down to 59%?

You would see a bump from passing the 88.9% and 68.9% levels.

But your overall profile will factor in, so the bump may be greater or lesser than what you may be thinking.

Next would be the 48.9% level

Good luck!

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Oops, you are right, that's bad math. The loan is with Alliant and there are no penalties or fees for paying early or early payoff. No issues with extending finances, but that is a good recommendation. Thanks!

[randomguy1]

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@Shooting-For-800 wrote:

Why not?

I would spread it out over multiple payments for cash flow, but that is me.

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Cash flow is good, good point though.