Could use a fico friend

[williamd1972]

I know that if I completely pay off my car loan(only 9 payments left) my credit score will drop. So, Im  not really in a rush to close my Chrysler account, because I want to buy a home in the next 6 months.  But, in the mean-time, is there anyway I could pay off my interest and bring down payments.

TU696 EX720 EXP740

[marty56]

How long was the loan for?  Even a 3 year loan, the interest couldnt but that much.  I wouldnt do anything credit wise if you are going for a mortgage in 6 months.  Best to post in the mortgage section and ask Dallas.

[Anonymous]

1) Do you have any other installment loans?

If not- You pay the majority of the interest in the first years of your auto loan. As such, even if you had a 3 year 30k loan, you would only pay about 300 in interest the final 9 months. To me 300 bucks is worth 15 points on your FICO score when you apply for a mortgage - it will more than make up for it in the interest you save over the next few years on your mortgage.