So I’ll ask you cats.
I do not have a credit score. To build a little bit of credit, I took out a small loan of $600 in September. I’m planning on moving in January and do not want to have to worry about loan payments while getting settled in, so I made several early payments, and now I have the loan almost completely paid off. I don’t need to make another payment until the end of May.
I know that it’s better for my score to keep a loan alive than to pay it off quickly, but will it still help my credit score to sit on this until my final payment is due? If my credit history is checked next summer, will it say “November: paid, December: paid, January: paid” or will it say “this guy made a bunch of payments in October and then one in May?” I’ve gotten mixed answers to that question.
I have of course spoken to a couple people at my bank about this, but they were pretty confusing with their answers and mostly just wanted me to take out more loans, which obviously left me suspicious. I appreciate anything you guys can share.