Don’t Ever Pay Off A Loan Early (And When You Should)

Enjoy!

💳 - Free Credit Monitoring

Loans:

👇 Watch My Other Credit Card Videos Here 👇 👇

How To REMOVE Hard Inquiries From Credit Report For FREE!

When To Pay Credit Card Bill (INCREASE CREDIT SCORE!)

================== 📷 📷VIDEO SETUP📷 📷 ================

#Cover #credit #creditbuilding

DISCLAIMER: This video and description contain affiliate links, which means that if you click on one of the product links, I’ll receive a small commission. This helps support the channel and allows us to continue to make videos like this. Thank you for your support!

DISCLAIMER:
This video is for entertainment purposes only. I am not a legal or financial expert or have any authority to give legal or financial advice. While all the information in this video is believed to be accurate at the time of its recording, realize this channel and its author make no express warranty as to the completeness or accuracy, nor can it accept responsibility for errors appearing in this video.

[shihanaansar]

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

[psychoticmemories]

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.

[mizahkesitler]

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

[machella]

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

[YakMotley]

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!

[princesskkay]

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

[christophiluslovingchristb]

I'm not letting 3 credit agencies determine my choices

[Gizemlioyuncu]

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!!!

[oyundunyas]

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

[raiyne]

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 😁

[johnpaulmakowski]

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

[hughwarren]

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

[stuff]

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.

[pas]

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 🥰🥰🥰..👍👍👍

[batuhancho]

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

[owrr]

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.

[kirkdunn]

Very true, done this 4 times in 4 yrs and each time took a huge hit on

[ahitch]

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.

[ajwriter]

Learned something new here! New subbie.

[PreciousSullivan]

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