Originally Posted by Kyoshi71
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?