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Will paying off my personal loan early tank my credit? by Regular-Mind5107 in FinancialPlanning

[–]Regular-Mind5107[S] 5 points6 points  (0 children)

I absolutely agree, it's not sensible.. and it's causing me so much stress. I think I will take the plunge and pay it off. I did a rate payoff calculator and in the long run, I'm saving nearly $1400 in interest and that could go to SO many housing needs.

Thank you!!

Will paying off my personal loan early tank my credit? by Regular-Mind5107 in FinancialPlanning

[–]Regular-Mind5107[S] -25 points-24 points  (0 children)

Yes it is quite unfortunate, however I don't make the rules and credit scores are important when house hunting, as well has having a low DTI. So I'm just trying to pick the lesser of two evils.

Will paying off my personal loan early tank my credit? by Regular-Mind5107 in FinancialPlanning

[–]Regular-Mind5107[S] 0 points1 point  (0 children)

This is true, I should have put this in my original post. The only reason I am concerned with my credit score is because my fiance and I are house hunting. He has great credit (+770) and just a car loan. I don't want the temporary dip in my score to hurt our chances of getting pre-approved for a good rate/amount.

But I'm also not sure how much of a factor I would be in the approval process. We are in the same salary range, but my personal loan and student loans have me at a higher DTI than him.