Paying off loan quickly, will it boost credit score?

In May, my boyfriends dad co-signed a personal loan for him to buy a car. It was a 2yr loan, but we are already down to $1000 and can easily pay that off right now. Will paying it off in such a short time frame boost his credit score? Also, is it likely that the bank that he got the loan from, would give him another loan, but this time without needing a co-signer?

Paying off loan quickly, will it boost credit score?

No... the interest is what builds credit!

It really depends on job history and credit score whether or not they will give him a loan w/o a co-signer.

I had bought 3 different cars with loans through a bank (all with co-signer) and I still can%26#039;t get a loan with out one... idk

Paying off loan quickly, will it boost credit score?

I won%26#039;t help it that much. But you will save $$ in the long run.

Paying off loan quickly, will it boost credit score?

no bad idea i sold cars i know.... pay the loan off in term its the only way to build credit.... unless its high interest then get rid of it asap... and do another:D

Paying off loan quickly, will it boost credit score?

Yes! Those banks love to get paid. A cosigner may still be needed if if you don%26#039;t have enough income for the bank to feel comfortable lending just to you.

Paying off loan quickly, will it boost credit score?

That%26#039;s a good idea after the halfway mark. Congratulations for having a head on your shoulders.

Credit is based on loan amounts, debt, age, income (at the highest levels of rating), and time. It%26#039;s a gradual process, but you%26#039;re on the right track.

Paying off loan quickly, will it boost credit score?

It is always good to pay off a loan as soon as you can, but sometimes banks or lending agencies will have a penalty for paying off a loan before it was originally scheduled to be payed off. Double check with them. It most likely will boost his credit score, but probably not a lot since it was a co-signed loan. The bank should have no problem giving him a personal loan as long as his credit shows good and paying off the loan early might just be the ticket. Good luck and congrats on becoming that much more free of debt, a lot of us envy you.

Paying off loan quickly, will it boost credit score?

If you owe a loan, the faster you pay it, the better it is for you and for your creditreport.

So I would say pay the $1000. As far as boosting the score, you have to have a good credit history.

Good Luck,

Paying off loan quickly, will it boost credit score?

I have always heard that the regular consistency helped to establish your credit record...not paying in a windfall.

Paying off loan quickly, will it boost credit score?

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