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Question By
Vince91889

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Should I pay off my personal loan early or pay towards credit cards to increase credit score?
My total credit limit right now is $17.290. I only use up 52.7% of that. My weighted interest rate atm is 4.55%. I have a lot of low interest rate and 0% interest rate promotion right now.

I took out a 12k personal loan with 13.99% interest rate for a 49 month duration. Four months out, I paid about 10k already. Currently, this personal loan is the highest interest rate I have right now. If I paid the rest of this loan, would it lower my credit score? Or just pay the minimum payments on this personal loan and pay toward my credit cards instead?

My credit score atm is about 700-723, based on my credit card's monthly FICO score.

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What to do??? What to do????

don't you think it might be smarter to pay off the high rate personal loan and reduce the amount of interest you're paying?  That's what I would do.  I hate paying more for something than what is on the price tag, and that's what you are doing with high interest or carrying a balance on a card.

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