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Anyone that can help me determine how many points my score will go up once a car loan is paid off? I'm lost in this area of credit!
I am no expert, but I would venture to say that it depends....(how is that for being ambiguous?).....depends on how thick your file is, depends on past credit history, etc
all in all, probably not a whole lot of bump in score....the biggest impacts will be the fact that you now have a lower DTI ratio, and it will report as a positive TL for 10 years on your CR., assuming you have no lates in the payback history.(myFico oracles, correct me if I am wrong)
you will get your biggest score jumps from lowering your utilization % on revolving accounts......i.e CC, etc
paying off installment loans are less impactful, I believe. That said, it will contribute positively in the long run
Some people have actually reported their scores going down after paying off car loans or mortgages. Sorry, it doesn't seem right, but it all depends on your profile.