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question on personal bank loan and credit score...

coonasty
Established Member

question on personal bank loan and credit score...

took out a 13k bank loan in december for a multitude of things.  made a couple payments on it and it doesnt look like the bank is reporting the payments monthly like my credit cards do.  want to maximize the effect of having this loan on my score (if it even does that?).  i believe it dinged me a few points when the inquiry hit. 

 

should i keep it open for a minimum amount of time to help score?  or i can pay it off today if its not gonna help me by keeping it open.  TIA

Message 1 of 5
4 REPLIES 4
CreditGuyInDixie
Super Contributor

Re: question on personal bank loan and credit score...

When in Dec did you open the loan?

 

Is this your only open loan?

 

Does it appear on your reports yet?

Message 2 of 5
CreditGuyInDixie
Super Contributor

Re: question on personal bank loan and credit score...

PPS.  It'll be a lot easier to advise you when we know the answers to those questions.

Message 3 of 5
Iceywarm
New Contributor

Re: question on personal bank loan and credit score...

Personal loans are meant to be opened for a little bit of time. BUT it could affect you're age of credit. The faster you pay it off also shows how much of a good borrower you could be. There should be no fees if you pay it off early. You would save money.

Message 4 of 5
coonasty
Established Member

Re: question on personal bank loan and credit score...

 thx for replies, sorry went out of town past couple days but, just checked and it was 11-26-18 when i opened loan and the inquiry shows on my report.  i thought it was first week of december for some reason.

 

yes this is only loan i have open.  

Message 5 of 5
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