Raising my credit score with a personal loan?

I got a personal loan to pay off items on my credit report. I could have paid them off without getting the loan but thought this would be the best way to re-establish my credit and raise my score at the same time. The Loan is for 12months but I plan on paying it off in 3 months. Would this look good to the credit agencys or should I pay it off in 6 months? I really dont need a year but my bank said this would be a great way of starting over and rebuilding my credit history.

Public Comments

1. I would have to agree with the bank....even if you can pay it in 3 months...do it for a year....I have a personal loan as well to re-establish credit and I have mine for a year....three months is not enough time to show potential creditors you are or aren't a credit risk....
2. Personal bank loans are an excellent way to rebuild your credit. So stretch it out for the entire length of the loan. It will be worth the extra interest you will be paying. A three month pay history is nothing compared to a 12 month history. http://creditcardwarehouseonline.com http://creditcardwarehouse.ecreditdirectory.com/
3. you won't help your credit rating any if you pay it off in 3 months - wait the full 12 months and make every payment on time - it will help you a lot
4. Don't pay it off in such short time... One of the things lenders look for is the length of credit history and you paying it off in short time doesn't show lenders how financially responsible you are.. So pay it off in the 12 months as agreed...