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      03-10-2010, 08:04 PM   #30
Drives: M3 Coupe
Join Date: Nov 2009
Location: California

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Originally Posted by Kyoshi71 View Post
That is 100% correct. It's ok to pay off a loan slightly before it's due but it's not ok to take out a loan and then pay the whole thing off in the 1st few months. It will definitely hurt your credit. The bank sees it like this: Financially responsible people pay their debts and are worthy of high credit scores; financially responsible people would also anticipate any sum of money coming their way that would allow them to payoff a loan within the 1st month and opt to not take the loan. That's why it's a knock on your credit.
Never heard of such nonsense. Where is the proof of this in writing?
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