Closing Term Account - Benefits

[Anonymous]

I used a term loan account to pay off an outragous interest rate jump on my credit card (Credit Union sold their card business and new leander raised my monthly interest from 11 percent ot 26 percent).  Any way, the CU gave me a term loan to close the account.

I have the ability to pay off the term loan (it has been open for a month).  Would doing so help my FICO? 

I have long payment histories on a couple of credit cards.  Unfortunately had to declare bk and was discharged 08/01/05. 

What I really love is that the Chase is reporting that my bankruptcy discharged my mortgage despite having paid the consistently for 5 years prior to, during, and after the bankruptcy.  Meaning, I'm still living in my house and have had consisten payment for 5 years

Anyway, getting back to the term loan question.......

[Tuscani]

What is the balance and loan amount? Loans are generally installement and do not hold as much weight in terms of utilization.

[Anonymous]

Balance is approx 4500 at 13 percent. Pymts 120 for 5 years.  I'm looking at getting a home equity loan in August and need to know if simply paying this puppy off will help.  All that will be left on my credit report (post bk - 2 yrs ago) are two credit cards showing constient payments and low balance utilization under 40 percent (and heading toward zero). 

[Tuscani]

I would worry more about saving money than your score. You should be able to easily beat that 13% with a HELOC. And doing so shouln't have real big impact on your score.