Installment Loans-Early Payoff???

Discussion in 'Credit Talk' started by chriscraft, Oct 4, 2001.

  1. chriscraft

    chriscraft Well-Known Member

    Board, I would like to solicit your advice.

    I presently have a number of installment loans with my credit union. They are all secured loans which have terms of 24 months. I have had the loans for 5 months now and therefore have 19 months left to pay. They have all been paid perfectly.

    I have been noticing that the reason codes on my credit scores are now stating that my installment balances are too high. As such, I am wondering if I should accelerate my repayment of these loans so that they are paid off in say 12 months instead of 24 months.

    Would this be a good idea? Would I be losing too many FICO points by doing that rather than say paying them off in 18 months?

    Any advice? Help! Thanks in advance.

  2. Cyprigirl

    Cyprigirl Well-Known Member

    Hello Chris!

    How are you ? Still waiting on your e-mail :)

  3. chriscraft

    chriscraft Well-Known Member

    Hey, Cypri!

    I thought you were still out on vacation! Glad to see you are back. Hope you are well.

    I'll send you an email on the side. I haven't forgotten about you. :)

    Take care!

  4. Cyprigirl

    Cyprigirl Well-Known Member

    Yeah I got back on Sunday!

    Gotta run will talk to you later, I have some qns for you.


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