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Old 07-10-2008, 04:05 PM
ggonzo ggonzo is offline
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Join Date: Jul 2008
Posts: 29
Default Pay your debt in one payment?

Is it good for your credit score to pay you debt in full in one payment? Can you do that and is it advisable?
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Old 07-15-2008, 07:56 PM
Canadian Canadian is offline
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Join Date: Jun 2008
Posts: 415

This will depend on many things, one of which is the type of loan you have. Some loan contracts will allow early pre-payment and some won't. For example if you have a mortgage, usually you have a clause in your mortgage contract defining penalties for early mortgage repayment.
Bear with me please
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Old 07-23-2008, 02:47 PM
heyjude heyjude is offline
Join Date: Jul 2008
Posts: 38

I think Canadian is right. You have to check the terms of your contact. If you can I think it is always better to pay it off as fast as you can to avoid interest.
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