I'm 25 years old, and I took out a loan back in August in order to add a little to my credit history. Several people have told me this is a good thing to do. Well, I used some of the money to go back to college for a couple of semesters to get a second degree.
Rather than setting the money aside in account and drafting funds from it to pay off the loan I spent the money on that second degree. Now, I'm having to pay each month to pay off the loan. I've got eight months left to pay it off. Granted, the loan was never large to begin with ($3,300), and I'm not paying much monthly ($200).
I simply am frugal, and I hate spending money. I'm looking to pay the loan off early as that is have it totally paid off by July which I'm more than capable of doing. I'd rather pay it off, and go back to contributing money into my savings rather than write the bank a check. Maybe this doesn't make sense to you , but it does to me.
In short, will my FICO score be damaged by paying off my loan early?
Message Edited by ArkansasFan on
05-10-2007 05:57 PM
