Car Loan - Balancing Remaining - Impact on Score

[Anonymous]

At what point does the remaining balance impact your credit scores....50% left owing on contract....25%

Thought I read on the forum here that it can impact your score when nearing payoff or at payoff.

Been making additional payments and it will likely reduce contract by approx. 1 year.

Any info appreciated and many thanks.

[StartingOver10]

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@Anonymous wrote:

At what point does the remaining balance impact your credit scores....50% left owing on contract....25%

Thought I read on the forum here that it can impact your score when nearing payoff or at payoff.

Been making additional payments and it will likely reduce contract by approx. 1 year.

Any info appreciated and many thanks.

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Take a look at the Understanding FICO Scoring subforum to get a good understanding.  Here is a thread that will give you some pointers: http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Installment-tradeline-utilization-thread/m-p/4055989/highlight/true#M94476?filter=location&location=forum-board%3Aficoscoring&q=installment+utilization

I had no negative impact to my FICO score until I paid off my auto loan - then I lost 32 points on one CRA 17 on another and about 8-10 on the third.  That was because I only had one installment loan that was open, all the others paid off. The thread above will give you much more detail.