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Auto loan payoff

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Anonymous
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Auto loan payoff

Will paying off my car early help or hurt my score?  Or neither?
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1 REPLY 1
Anonymous
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Re: Auto loan payoff


@Anonymous wrote:
Will paying off my car early help or hurt my score?  Or neither?

 

There is anecdotal evidence that you will evidence a micro drop in score. 

 

Score being a factor in overall creditworthy-ness

 

There is known evidence that freed up monthly income increase your ability to secure another line of credit.

 

So it more then evens out if you were to look for a line of credit after paying the auto line off.

Message 2 of 2
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