@Anonymous wrote:Hello I'm new here and its my first post. I'm currently trying to help a family member stay ontop of their credit and had a question regarding some loan accounts. She has an Auto Loan that has a term of 66 months and a personal loan from OneMain Financial that has a term of 60 months. I looked at the interest on the loan she has from OneMain Financial and it is a whole lot she, is also building credit for the first time and my question is if it would hurt to pay them off sooner than the 60 month term for the OneMan Financial loan and also for the 66 month Auto Loan. Or would letting them be as is help her credit more?
You only need 1 open installment loan to help your Fico score. OneMain charges a lot of interest from what I can remember they solicited me by mail several years ago and I just torched their offers. I would pay it off ASAP and let the auto loan run. If she ows on revolving credit put the money you would have used to pay off the auto loan towards getting those paid off.
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