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Will paying off a loan damage my credit?
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ak111
Posts: 1 Newbie
Hi
I owe RBS approx. £9,000 and have another 35 monthly repayments to make. I now have the funds to pay this off in full. I do not think there would be any penalty (from my reading of the loan agreement) and I would save money on interest. However, I am worried that I would damage my credit, especially as I am due to re-mortgage soon. Any advice?
I owe RBS approx. £9,000 and have another 35 monthly repayments to make. I now have the funds to pay this off in full. I do not think there would be any penalty (from my reading of the loan agreement) and I would save money on interest. However, I am worried that I would damage my credit, especially as I am due to re-mortgage soon. Any advice?
0
Comments
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Of course not. It makes you lower risk and improves your affordability.2
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It'll just show as settled and closed on your credit report, and that'll be the end of the matter. You might see an improvement in your score (not that scores actually matter) as your credit has reduced.1
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