Does loan pre closure affect my credit score?

sandipsmenon

Hi All,
I am holding a personal loan and i have 11 more terms pending. I want to pre close the loan but just wondering what impact will that have on my credit score? 
I have gone through few articles on this subject and most of the articles talk about having a long term repayment history which will improve the credit history. 
I am intending to close the loan so that i can save on the interest component. 
Any suggestions? 
Thanks in advance. 

PaulW922

IF you mean that you wan to settle it early then no it won't have a negative effect on your history - it will show you are able to manage credit well. Of course a long credit history on a specific product is good but don't let that worry you 

MEM62

As your score is irrelevant you don't need to worry about any changes to it.  If you are in a position to settle early the do so and take the advantage of the reduces interest charges.   

BrassicWoman

your language is a little unusual - can I check if you are UK based?

DCFC79

sandipsmenon said:

Hi All,
I am holding a personal loan and i have 11 more terms pending. I want to pre close the loan but just wondering what impact will that have on my credit score? 
I have gone through few articles on this subject and most of the articles talk about having a long term repayment history which will improve the credit history. 
I am intending to close the loan so that i can save on the interest component. 
Any suggestions? 
Thanks in advance. 

I take it your UK based ?

If your in the UK your score doesnt have much to do with loans etc as no lenders see it.

Closing a loan doesn't affect your credit file.