Last April I got a OM loan for various reasons. I’ve paid on time every time. It’s garbage though. The payoff is ~8k and somewhere around 35%. It’s also a precomputing loan. I have a little extra cash (not enough to PIF) what should I do? Is there a good calculator or simulator that could show different options?
I soooooo wish I had found this forum earlier
I soooooo wish I had found this forum earlier
Well look on the bright side. Once you get it below 28% that will bump your score up. Once below 8.99% thats a huge boost until its paid off. Then you lose some points. It may stink that rebuilders have to go certain routes to get our scores up. But it is helping you build credit. Without knowing your full credit file or scores. You could look into a balance transfer card, credit union debt consolodation loan, or even a CC 0 APR for so many momths and escape their grip. Either way Good Luck!
Oh. ok. Whats the original loan amount and the balance now. Theres your percentage FICO goes by on loans.
your at 80% you need to be under 28.9% to have optimized score <50 will give you a small boost too
@JLL2104 wrote:
Last April I got a OM loan for various reasons. I’ve paid on time every time. It’s garbage though. The payoff is ~8k and somewhere around 35%. It’s also a precomputing loan. I have a little extra cash (not enough to PIF) what should I do? Is there a good calculator or simulator that could show different options?
I soooooo wish I had found this forum earlier
That's a predatory loan interest rate. I would not worry about scoring, I'd worry about the amount of interest you will be paying and the impact it will have on your finances overall.
I think you should make every effort to pay it off as soon as possible.