One Main Financial

[Anonymous]

I have a One Main Financial loan that I took out about 2 and half years ago. The loan was for 5K. After getting the loan, I learned of who they were and what their purpose was, to drain me of my money. I currently still owe them 2K , would of been more if it wasnt for SCRA coming to the rescue and making them reimburse all the high interest and making them lower my interest rate to 6%. I have the 2K right now to pay them off but I'm also waiting to close on my mortage loan. The mortage loan was approved with the One Main included in the DTI ratio. Should I pay them off now or wait until I close on the mortage loan? Aso, will it ding my credit since theres no more monthly payments? 

[M_Smart007]

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@Anonymous wrote:

I have a One Main Financial loan that I took out about 2 and half years ago. The loan was for 5K. After getting the loan, I learned of who they were and what their purpose was, to drain me of my money. I currently still owe them 2K , would of been more if it wasnt for SCRA coming to the rescue and making them reimburse all the high interest and making them lower my interest rate to 6%. I have the 2K right now to pay them off but I'm also waiting to close on my mortage loan. The mortage loan was approved with the One Main included in the DTI ratio. Should I pay them off now or wait until I close on the mortage loan? Aso, will it ding my credit since theres no more monthly payments? 

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@Anonymous  Welcome!

Lets see if I can get @Anonymous  or @thornback to better answer your question. They will Chime in when possible

[Anonymous]

Thank you, I'll wait patiently lol

[Anonymous]

Welcome.

What do you mean there’s no more payments?

[Anonymous]

Pay the balance to $440 and leave it alone. If that’s your only installment loan you may get a boost!

I assume you’re already AZEO?

[Anonymous]

If you can pay it down below 9% and get it to report before they pull your scores again you should see better scores.

[Anonymous]

There will be no more monthly payments since it's an installment loan. They'll just closed it paid in full. I do have a auto loan with Ally and 8 revolving accounts with 2% utilization.

[Anonymous]

Well my plan is not gonna work if you’ve got an auto loan. As a matter of fact, if you pay it off, it may backfire and lower your score by increasing your aggregate installment utilization. Therefore my advice is to pay it off after the mortgage closes.

Make sure you only have one national bank card reporting a nominal balance, no credit union cards or store cards.

[Anonymous]

Thanks for the advice! 👌🏻 

[M_Smart007]

Thank you @Anonymous