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I’d rather pay off my loan early than worry about a dip in my credit score.

I just paid off my credit card debt and a small loan (>7500). I'd rather have zero debt and a poor credit score than huge debt and an average credit score.

At 34 years old I finally feel ready to settle down long enough to buy a house. Unfortunately due to previous horrible stupid life decisions, I'm forced to start with a zero balance in my savings account. On the bright side, the huge amount of debt - consequence of those bad decisions will be payed off next month! 🥳 It's never too late to start saving like there's no tomorrow, and I'm really REALLY excited and motivated. Oh and Graham, fyi my emergency fund is also a done deal! by This name below team lol, i didn't made it myself

Great video! I paid off my house and debts and my score when down 100 points. But having a paid off home is worth every penny. Just subbed to your channel!

Screw credit. Pay it off. You don't need the loan. You need peace

I paid off my student loans and my car early. My credit is now 790, it’s a temporary ding but will rebound quickly so I say go ahead and pay off those loans early and don’t worry so much about your credit score bc as long as you continue with good financial habits your score will rebound and go even higher

I have 2 chapter 13’s that are dismissed. The reason I have 2 is bcz I did n+ot use an attorney. I was trying to stop an eviction, but when I went to try to add another month’s rent to the bankruptcy, but the guy filed another one. About a month later, I ended up losing my job. They are scheduled to fall off in January and March 2021. Since I’m looking to purchase a home soon but still there. I am currently enrolled in This name below and I must say, I am loving it thus far. I’m doubling it up with your podcast videos and learning A LOT! Thank you. I’m ready to join the millionaire club!!!

I'm not letting 3 credit agencies determine my choices

VERY well done ! I say this with 40+ years in mortgage finance & banking working with credit bureaus. Different models and parameters are used by different industries but this name below info is pretty much universal. If you're trying to max your credit scores, there is a happy medium between too many credit cards and none. Too many cards with zero balnce may actually hurt you in some cases. Even if you do not use them, you have a potential. To always pay cash & still have cards doesn't help your scores as well

I just paid my last student loan this week for 14300 to finally be debt free. My current score is over 800 so I will take the ding. I’m going to save more now for my future house. So future debt will come but for a while I can breathe debt free 😁

the short term affects of your credit score dropping is never going to be worse than not being in debt. Pay off your loans early. They never talk about the positives. If all you care about is a credit score don't pay it off. But if you want to live a life, not worry about your next payment constantly, feel more free and in more control and actually own what you paid for, just pay everything off. Money isn't complicated.

Your lighting is A+, my friend.

I went the full 6 years with my auto loan. Finally reached the payoff date and my score dropped 54 points from that account being paid in full. I did not pay it off early . It sucks

Bother - may I suggest you make This below name correlating this to the Chinese Credit Scoring System; you know, the system where an entire nation's people are enslaved by their government over systems exactly like this? We need people who have influence to bring to light these types of correlations to get people asking and thinking or we will see ourselves slip into a tyrannical nightmare

Good advice! I like your strategy to boost the credit score. Ultimately I'd like to be debt free.

Your credit score is equally correlated to how much money the system can syphon off you. People gotta stop throwing money away to keep their score.

Ok ill keep paying interest and losing money.. and Ill get different kinds of debt cuz credit score likes that.. few car loans a student loan handul of credit cards a mortgage ... yess I will swim in debt and pay thousands in interest so I get a nice big credit score yayy!!

That is why you get a credit card, lock it in the bank portal, and forget about it. Use another CC for perks which could require a different card frequently to get better perks. As that locked card account ages, you will get credit for average account age. You can't just get a CC and not use it which is where the second CC comes in.

WORDS ARE NOT ENOUGH TO EXPRESS MY GRATITUDE TOWARDS YOUR KINDNESS TO OUR FAMILY this name below WE ALL SAY THANK YOU VERY MUCH

Very odd how it temporarily penalizes you for paying it off early. But it makes sense. 🤷🏼‍♂️ Although it seems backwards sometimes.

This has just happened to me...my score dropped 44 points 😫😫 I was at 821!!!

As always excellent content from Naam, my fellow military veteran.

One thing i can say is i took a loan higher than the consolidation of my credit card and my score jumped 50. So it depends on the reason for the loan as well

I never thought about that… Here I was trying to pay my car off as fast as possible (literally every spare penny) but inflation is at 6% my interest-rate on my car is 2% so thinking about it and throwing money away paying it off early so thanks for pointing that out.

Well damn , this what I need to know about!!! I was gonna pay off my auto ….glad I tune in on time just couple of hour late…Thank you for this great information u make my days 🥰🥰🥰..👍👍👍

Very true, done this 4 times in 4 yrs and each time took a huge hit on scores.....30-50pts

Yea Navy federal gave me a really high limit. I applied and was denied at first so I got a service from this name below, and I was approved for a capital one. The limit was so small lol but I took it and worked on it. Because if that it helped my credit and I believe that’s what made me finally get approved for navy fed with such a high limit. they're still working on increasing the capital one since it was so low. All in all I’m satisfied.

I’m planning on getting a new motorcycle with a loan amount of $7500 after putting $2,000 down. It’s for 72 months so my payments will only be $132. I owe the same amount left on my truck but the monthly payment is $420. So my plan is to open the new loan and pay off the other to help my debt to income ratio while also keeping my loan amounts and types the same. ( I have $20k in the bank currently )

Nothing trumps peace of mind of being debt free. Pay it off!

I bought a new car and got a $2,000 rebate to finance. I paid 90% of the loan balance the first month. Then I merely paid $100 per month until it was paid off. Saved a bunch of interest, got a rebate and added to my positive credit history. Car dealers will often give you a better price if you finance through them and most loans do not have a prepayment penalty. There is no advantage to pay cash.

As of right now since I am young and credit is around high 600 low 700s I choose to continue building my credit later down the road will forsure want to be debt free

paid all my debts… except my mortgage… now im around 811-820 score

got it. so ima gonna pay my truck down to owing $50 remaining, but then pay off ALL of my credit card debt to $0 balances. thanks for telling me this i plan you apply for a home at the end of this october

Wuz up Namm..great content 👊🏾

I just paid off my loan early, score dropped over 100 points… I wonder does those points going to bounce back the month after?😢

Credit is a myth…a game that we’re forced & accustomed to play.

Learned something new here! New subbie.

you’ve been doing since we meet, surely coming back for more my life

Paying it down will benefit you more than paying it off.

Thank you for the breakdown

Just the video I was looking for

Thank you for this!

If you have a $1000 emergency Loan at 95% Apr idc who you are. Pay off that loan

Okay, so I have a 5 year personal loan, I have been paying it since 2018, my balance is 1,000 now. My goal was once I hit 500 to pay it off completely!! So you are saying keep paying the balance till it's done, so my credit score won't go down?

I’m aiming towards applying for a home loan in 2023. With at least 40k saved towards the home. I just approved for a personal loan of 7k to consolidate my debt. Which I used 4k to pay off all my revolving accounts. Would it make sense to take 1000 and use it towards the personal loan? There’s no prepayment penalty. Thanks guys

Great info.

Thanks just got a 3 year loan from AX and I think I will keep it for the term

Mine was 9.9% interest and only had 4k left on a 10k loan. Didn’t wanna keep paying interest on something I can get rid of and also it raised my credit enough over the 3 years I think I’m good

Great content brother. Semper Fi

Awesome content credit 102

I would do half Pay loans half down to optimize credit first Then pay off Being sure to have other loans on my y

So if i pay off my auto loan which only has 6300 left on it ....will my credit score still go down if i have student loans still being payed off? And if I pay 90 % of my auto loan would the next payment be due the next month. I was a little confused on what you said.

I have a car loan from 2021 for 6 years. I've paid it down to $822 this month. I have 2 credit cards as well. I would like to buy a house next year. Is it best to see if I can stretch that $800 out for a year so my credit doesn't take a hit?

Just finished paying off a car loan a couple months earlier then what it would have taken. Score dropped 30 points. I also just paid off a personal loan so I'm worried if that will drop it even more. Was in the 800's so it was a gut punch to see it drop that much.

Thanks for video

Thank you 😊

If you took out a personal loan and decided to use 50% to pay down debt, does you putting the other 50% back towards the loan balance shortens the time to pay off the loan or just extends months out that you wouldn't have to pay

Early I’m at 760 I know a hit will come but it will go back up in a few months

i APPRECIATE ALL YOUR SAGE ADVICE MY BROTHER!!!! GO ARMY!!!! ;) lol

I have 2 car loans, two credit cards. I’m looking to get a personal loan that costs only a little more than one of the car loans per month and pay that loan off completely while also paying down both credit cards to 30% utilization or less. How much could this affect my credit score?

How do you calculate the interest you’ll pay if paying off a loan early. I’m considering taking a loan but want to pay it off early due to high interest. Hypothetically if it was a 5k loan with 20% interest I’m curious how to calculate how much I’d actually pay in interest if I paid it off in 2 years vs 4

This video have myself in mind. I have currently 2 student loans. It was said September 30th of this year student loan repayments starts. But reading a few articles about student loans, they have been pushed back again January 31rst 🤔. Either way I'm going 2 pay mine off 💯. So I can have less debt in my name. In regards 2 getting a 🏡 in the near present The last installment loan I had from my credit union. Their wasn't a penalty to pay early 🤝

I was at over 700 credit score and then I lost my job and maxed my cards I can pay it off in a few months but I don't know if I pay it all of at once if it'll go bk up a lot or a little vs taking my time

Seem like there is a certain amount of credit you want to to pay off to benefit your credit.

does the same apply for business credit? vs personal credit? im starting a business. and i have liquid cash, im thinking about taking out a loan, just to pay it back before the fees apply. with the goal of building on my credit. not sure if doing this will set me back

So my score is 779 I just got a loan from Klarna for $5,600 0%( APR) I still have $1400 on my Amax if I was to pay off my Amax do you think my score will drop even tho I have a 0% (APR) rate on my loan?

I did pay off my car waaaaay before due date and my credit score remained the same lol

Hello. I paid Down my loan and have about $40 left on it in principle for the next 36 months. But my payment amount that’s due hang updated? It’s still at $72+ a month. How can I fix this? Do I contact the credit bank to change my amount or what

My score dropped by 40 points for making a 3k payment on my Citi Costco card , what did I do wrong?

I have 5 credit cards that are all paid to $0 each month religiously. I am a co-signer on a student loan that is paid on time. I have a $10K balance left on my vehicle and came into some cash and wanted to clear this for the next year and pocket the monthly. My Credit Score is 790 but can't seem to breach 800. Would paying off the vehicle alter my credit score or should I ride out the payments for the year. Once paid off , does THAT cause a change in my Credit Score too?

I left $250 on my self credit builder secured card I really want to switch it to somewhere else or to another secure card I'm not saying that self is bad but I really want to change the secured card I don't want to pay any more interest fees like I said I do have $250 on the card that I'm not touching but instead of having self I would like another secured card or something. What do you think 🤔

I want to pay off a personal loan early and I still have a auto loan active and in good standing. I've got 100% on time payment history. Will it drop my score if I pay off the personal loan early? I've done this once before and if I remember correctly it increased my score a little.

Financial system built on debt

Hi I wanted to ask u have made a vid about jobs that don’t require SSN and don’t need high school diploma? I want to help my brother because he didn’t have the opportunity to finish school and I want to help him out. Plz let me know this isn’t possible 😅

I just paid off my motorcycle loan and it didn’t change my credit score, probably because I still have a car loan. I think I will pay off my car 1.5 yrs early even if it drops my score, I’d much rather have zero debt. I already have a mortgage anyways and of course I will of just paid off my car….so I wont be needing a loan any time soon anyways. My score is 771, even if it drops 15 points it’s still good enough.

I have a student loan at zero interest, 10K. And a Loqbox account for 1.2K. Suggestions for keeping installment loan in my mix.

I think it's good advise, I read threw the comments to see other peoples opinions...Most opted to pay off their debt immediately and settel for poor credit rather then a better score and while that advise might be good for say. And 85 year old whom will most likely not need any future financing for house repairs for flooding, fire, tornados, vandalisum, a morgage?...a new or used vehicle....The fact remains our lives are always changing and we are always looking to improve it...So you paid your loan off your debt free but find that you now pay an 8.5% interest rate on everything from fuel, to food, to clothing....You may in fact find yourself needing another personal loan soon to make up for the cost of living increase your raise doesnt make up for...but wait it gets better...now you have a poor credit score...So you have to take peoples advise with a gain of salt....It may not apply to you and making a small monthly payment may actually turn out to benifit you later...or maybe the unlikely will happen and the Fed will drop interest rates to a zero interest rate 0% for another 10 years dispite the massive 200 Billion dollars they owe....🤣-When Pigs fly....good Luck with that Loan application kidz.

What is I need to pay my car to buy a new house

Whould paying a year worth of payments at a time a bad idea?

This happen to me wish I didn't pay it off, cause it was doing amazing to my credit n wasn't a bother to me.

I paid off two thing and my credit score went down 40 points

Which is better, 1% or 2% utilisation?

Odd question, what about a lease program for a car? Is that the same as a loan to the credit agencies?

I just did this and it went down 50 point s

I have my car loan and a credit card Is it bad if I pay my car off early???

Do you repair credit and if so how do I get in contact?

ME2 I rather be debt free and peacefully happier. 😂..No more Nightmares..obout debts ever again

Paid off my car two years early and score dropped 18 points instantly. 😡😡😡

Credit = Debt ability

reference its many times over I’m sure no one come close to you with all

Ok

I've paid off numerous personal loans early (since they had no early payment fee) and it NEVER dropped my credit score. It did always INCREASE my credit score. So I just can't understand where Naam is getting this thought process. I mean, I've never seen it for myself when I pay my loans off early also, I can not STAND DAVE RAMSEY. That guy is a SCHMUCK

have turn around now..

Semper Fi

The Insurance company you promote on here. Ask to many personal and non of they business questions. It's about you and your car, if feel all they need. Not my education, my bank, etc. Just my name, license, info on my car. It's not like I'm getting coverage by them. Just checking prices.

You need a loan? if yes drop a reply . thanks !!!

Dude ur hot and it was an honor to listen to you. Not sounding creepy at all I promise. 🙈

A credit score is the bank's version of a slave chain! Don't be brainwashed and be a modern day slave by listening these KZfaq clowns. Carry zero debt and you will come out a winner in the long run! Remember, you're born debt free, keep it that way!

Pay it off early fourth of the stupid games