I've been successfully rebuilding my credit with rotating accounts as well as an installment load for $2000. I pay off credit cards immediately, however I've been told that I should keep my installment loan open to build credit. I have it 97% paid off and the final payment isn't until September 2022. Should I just let the loan 'sit' there for the 1+ year in it's almost paid stage, or pay it off immediately, and would doing that help somehow? Thanks in advance!
Having an installment loan open will help a bit with you overall mix of credit. That said, it only counts for about 10% of your FICO score. I know I'm late to respond here, but I'm curious what you did? Did you decide to just pay it off and close the account?
