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ivannabig1

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Home Equity Loan Payoff Recommendation?
I acquired a home equity loan for 40,000 04/04/2008 with terms of 6.75% for 10 years or 120 months. It is scheduled to be paid off 04/04/2018. I owe 17,000 on it as of now. Would it be wise of me to pay the entire balance now or to makes extra principal payments? I assume that most interest has been paid on the front end of the loan at this point. I hope that by paying the entire balance off, it will significantly impact my credit score in a good way. What is a good suggestion?

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I'm no financial expert, but if how much of your credit you're using goes into your score, then it seems to me that paying off the balance in full will reduce your %age of available credit used and your score will go up.   Just a thought.

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