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New Visitor
Posts: 1
Registered: ‎03-04-2013
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Paid Off Car Loan

I paid off my car loan almost a month ago, is that going to make my credit score go up?  If so, how long does it take to show?

Established Contributor
Posts: 780
Registered: ‎10-25-2011
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Re: Paid Off Car Loan


5thgoldengirl wrote:

I paid off my car loan almost a month ago, is that going to make my credit score go up?  If so, how long does it take to show?


probably will make your score go up a little. As with anything reporting, it should take 1-2 months to show.

 

welcome to the forums

I'm a personal banker and do a lot of auto loans serving the Houston area.
I suggest first time car buyers to read the sticky guide in the auto loan section.
I try to check these forums often, but if I missed your post, please feel free to message me with a link to it.
Established Contributor
Posts: 500
Registered: ‎05-11-2007
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Re: Paid Off Car Loan


5thgoldengirl wrote:

I paid off my car loan almost a month ago, is that going to make my credit score go up?  If so, how long does it take to show?


Last one i had that i paid off about a year early actually cost me about 25 points. I recovered them all and more within about four months as i recall. Felt like i got penalized for doing to right financial thing.
New Contributor
Posts: 69
Registered: ‎01-24-2009
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Re: Paid Off Car Loan

Same just happened with the wife and I. Paid off our auto loan 2 months early and our scores dropped about 30 points. Figure that one out!

Also curious as why on our reports it now shows as CLOSED/ Crdit LIMIT -0- / Balance $533 ?  Should the balance not show as -0- also ???

 

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