Settle finance early

Ian_875

As per my previous thread, we're currently saving for a deposit on a mortgage.

My credit record is fine, my wife has never had anything on credit nor a credit card.

We bought some furniture recently on a 6 month interest free credit deal as a means of getting some credit history on her record.

We've been messed about by the seller though and just want to pay it off and get on with our lives. Will this negatively affect her record (as by paying it off in full we're not sticking to the terms) or positively effect it (cause it's been paid in full) or have no effect one way or the other?

I've already checked the paperwork and theres no penalty for settling early at any point, this is purely from a credit report point of view

Thanks

[Deleted User]

By paying it in full you ARE sticking to the terms.

If she wants to build more consistent history, tell her to get a credit card and use it regularly.

Ian_875

Cheers ZX, thats the plan regarding the credit card. Use it in the month and pay in full at the end of each month.

Just wanted to double check before paying the finance off as I'd heard (probably incorrectly) that on occasion settling finance early can have a negative impact. God knows where I heard that!

jimbo26

Ian_875 wrote: »

God knows where I heard that!

Years ago it would've been a man down the pub. Nowadays it was probably Facebook.

Ian_875

jimbo26 wrote: »

Years ago it would've been a man down the pub. Nowadays it was probably Facebook.

Probably down the pub then, don't have a facebook!