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04 March 2010

Does settling a loan early affect my credit rating?

I've had a really good loan from AA at 6% (I was amazed when they accepted me at that advertised rate) since 2007 and I have 10 months left on it. I received some back pay this month and there's more than enough to cover the loan. Considering the settlement figure is about the same as what I'll pay if I finish off the monthly payments, I'm trying to figure out if I should continue paying the loan and invest the lump sum, or pay off the loan and save some portion of what I'm currently paying out each month. I'll be grateful for for any (good lol) advice, Impossifool.

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