A) Is a hard inquiry made on my credit report if I request a direct loan? B) If I end up paying it off in full in a couple of months, will this be reported to the three credit bureaus (and hence help me increase my credit score)?
A.) Yes B.) The loan and your payment history should be reported to the CRAs, which will of course help improve your credit score as long as all your payments are on-time, etc. Paying if off early won't necessarily improve your score, but if you have the cash, you should definitely pay it off. I wouldn't prolong your payments just to benefit your credit score by showing a longer history of on-time payments. Welcome to Creditnet!
