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Bank: Wells Fargo
Loan Maturity Date: 10/26/15
Amount Left on Loan: 2,676.10
APR: 12.9%
Minimum Payment: 160.00
What I've Been Paying For The Last 2 Years: 200.00+
Is it worth it at this point to pay off this loan w/ a great BT offer? Or will this hurt my score & profile in the long run?
I know CC history stays for 10 years after PIF and closed, are auto loans the same?
I hate that I've been paying this much interest for almost 4 years. Unfortunately, with a lack of loan depth in my history none of the banks I tried refinancing with would offer me better terms. I joined ficoforums a few months ago, so learning about DCU and others was a big blow.
Help?
Your score may drop a little due to the loan showing paid/closed status. But it'll recover pretty quickly. Also your FICO may drop a little due to util. What's the total amount you have in credit limits?
Yes, auto loans will stay for 10 years after closed/PIF.
Irregardless of the above factors, I think you should BT NOW! Even if your score drops a little, it'll come back in no time and the interest you save will be well worth it.
@Remember0 wrote:Your score may drop a little due to the loan showing paid/closed status. But it'll recover pretty quickly. Also your FICO may drop a little due to util. What's the total amount you have in credit limits?
Yes, auto loans will stay for 10 years after closed/PIF.
Irregardless of the above factors, I think you should BT NOW! Even if your score drops a little, it'll come back in no time and the interest you save will be well worth it.
Available Credit Limits: 90-100k
Amount in use: $2,000
I think I'll make this BT today! Thanks for chiming in!