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Senior Contributor
Posts: 3,859
Registered: ‎10-02-2012
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QUESTION ON AUTO LOANS

so does paying in full an auto loan help credit at all? Will it boost scores if done so?

Gardening since 02-01-14
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Posts: 9,674
Registered: ‎01-28-2010
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Re: QUESTION ON AUTO LOANS

No ~ paying off installment loans like auto or mortgages won't boost your FICO® score. Installment loan utilization is part of your score but is much, much less significant than revolving utilization.
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Senior Contributor
Posts: 3,859
Registered: ‎10-02-2012
0

Re: QUESTION ON AUTO LOANS

well that stinks! thanks for explaining @pizzadude hahha COOL NAME

Gardening since 02-01-14
Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
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Re: QUESTION ON AUTO LOANS

+1, it is best to pay them off over time to build good payment history.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
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