I'm trying to boost my on time payments before my Discover hits the 7th statement (and possibly unsecures). I have an installment loan (Selflender). If I am supposed to pay $25/month, but pay $250 this month, does that count as 10 on-time payments, or would it still count as one on time payment, but just reduce the life of the loan by 9 months? I was thinking about trying it with $100 (4 months worth), but figured someone here may already know the answer. I do plan on paying to where it reports under 10% right before Discover's 7th statement for the small bonus provided by having an installment almost paid off.
It appears Discover unsecures for people with over 625 score (improved since obtaining Discover), high usage (but pays it off each month), and no new accounts. That's just my take from others' posts/threads.
As far as I know, it would only count as one larger payment and reduce the balance.
I'm sorry to tell you but all that you will do by paying more than what your payment is will be to reduce your overall balance. and the payment will only count as "ONE" on-time payment.