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Will this be a positive factor?
Billsown
Posts: 12 Forumite
Hi Everyone,
I am about 4 payments away from paying off a personal loan. I have made the £250 payments on time, each month for almost 4 years. Will paying off the loan be considered a positive factor for my credit score or will it make little difference? I am also aiming to pay off some other little debts so I should have around 3 more settled accounts by the end of the year.
I am about 4 payments away from paying off a personal loan. I have made the £250 payments on time, each month for almost 4 years. Will paying off the loan be considered a positive factor for my credit score or will it make little difference? I am also aiming to pay off some other little debts so I should have around 3 more settled accounts by the end of the year.
0
Comments
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The quicker you clear the loan, the better lenders will view you.
Taking a loan in the first place impacts your risk and affordability.0 -
A fully settled loan account, with payments made on time - assuming it's not a form of payday loan, will have a positive impact on your credit file history, as it will show that you kept to your commitments. Remember it's your history that counts, not your score. Only you see your score.0
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