topic Re: Installment PIF early ... Hurt or help score? in Understanding FICO® Scoring

Installment PIF early ... Hurt or help score?

Asailorshort — Tue, 16 Oct 2012 03:00:13 GMT

i just paid off my car about 9 months early. But now I read on here somewhere that paying installment loans off early can hurt your score?! If so, why? I'm guessing it's because of credit mix. If so, I still have an open installment with EX and EQ For my bf's car. ( CU doesn't report to TU for some reason). All 3 cra's have closed PIF'd installment loans showing from my 2 previous cars (compass bank and vw), though the oldest one is going to age off report in the next few months.

Re: Installment PIF early ... Hurt or help score?

Epcot — Tue, 16 Oct 2012 03:37:14 GMT

I am curious about this as well. Several years ago I paid two auto loans off within a year of opening them. My scores didn't change all too much, but when I attempted to get a new auto loan shortly thereafter, the dealer told me my Auto Enhanced score took a dive.

Re: Installment PIF early ... Hurt or help score?

Asailorshort — Fri, 19 Oct 2012 05:16:37 GMT

bump

or is this another ymmv based on what else is in your file?

Re: Installment PIF early ... Hurt or help score?

llecs — Sat, 20 Oct 2012 20:08:04 GMT

I've been told by Barry that closed loans still factor into mix. Makes sense. As always YMMV. If anything there's a chance for an increase once closed because another TL reports a balance of $0.