@Lebronjames20 wrote:
Hi all.
I have a question. I financed a car 2 years ago. Then I recently sold it. I sold it for the remaining balance on the car . (What I owed) on the car. Does this improve credit like does it show that I payed off a auto loan ? Or no :0
It depends. If this was your only installment loan it might actually cost you a few points because FICO likes to see responsible use of different kinds of credit. But the damage IMO will be minimal if at all.
If you have other installment loans still reporting you probably ("probably" because there are few absolutes when it comes to how an action will affect reports and therefore scores) won't see any movement up or down.
You won't know for sure until the paid off loan reports and a score is pulled.
But in my view what's most important is you are free of this debt. Good for you!!!
