Comments on: Will paying extra on a loan improve your credit score faster?

By: Erica

Erica — Wed, 27 May 2009 14:33:58 +0000

Lillian

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By: Quickspic

Quickspic — Tue, 26 May 2009 05:15:53 +0000

Javier

Yes, it will but by a very small amount.

Part of your credit score is based on percentage of use.
This means if you have a credit card or any line of credit and you are using near the max amount it will lower your score.

Your score is also based on how long you have had the account and your last request of credit. This means the longer you wait with out requesting more credit it will also creep up.

By: frank y

frank y — Sun, 24 May 2009 21:19:26 +0000

Angela

no, you just need to pay on time

By: Bunker buster

Bunker buster — Sat, 23 May 2009 11:40:39 +0000

Lois

That’s what I heard. Its tantamount to paying earlier before due date it does improve your credit rating. But to be sure you can always inquire with the financing company.

By: Vadalia

Vadalia — Wed, 20 May 2009 05:27:08 +0000

Jamie

Unfortunately, no. The only thing that will be looked at is that you made all your payments in full and on time. However, when you pay the extra $150, make sure that you specify that it should go towards the principal because some companies will just apply it towards your next regular payment if you don’t (and you’ll lose the interest benefits of paying extra)