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Established Contributor
Posts: 763
Registered: ‎04-26-2012
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Pay off in FEB, what is going to happen to score?

I have worked my tail off, literally day and night, to go from 554 in DEC of 2011 to 728 this month (01/13)  How I did this is because of all you good people here, Thank you. 



My question is this, I paid off $4500 towards my car not thinking what will happen when the car is paid off to my credit score.  Next month I pay (1) payment of $148 and then the car will be paid off.  

This is my oldest account and I am afraid with the account paid off or closed (?) it will retract all that I have worked so hard for.  I plan to buy a house in exactly two months (seasoned money)  so I truly can not afford for this account to close out. 


What is going to happen to my credit score? 

CS 728- 01/13 from 554-12/11
Goal: 800
Established Contributor
Posts: 731
Registered: ‎08-12-2011
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Re: Pay off in FEB, what is going to happen to score?

The positive account will remain on your reports for many years to come. If you are closing on your house it will only look good that you have met your obligations to your auto loan. You could have kept paying monthly normal amounts. You may or may not see a slight score boost when the account reports closed/paid in full. The positives from the tradeline are already there and will stick around.

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