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Valued Contributor
BearsAndTurtlesRtheBest
Posts: 3,303
Registered: ‎10-02-2012

QUESTION ON AUTO LOANS

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

Closing all of these credit card accounts once paid off for a fresh start.
$600$800$1,000$500(AU) $2,500
EQ FICO---, EX FICO---, TU FICO---, AAOA 5 months, Utilization 70%, No delinquencies of any sort.
Inquiries on EQ: 19, Inquires on EX: 30, Inquiries on TU: 21, Gardening Since 06-25-14
Moderator
pizzadude
Posts: 8,775
Registered: ‎01-28-2010

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
Valued Contributor
BearsAndTurtlesRtheBest
Posts: 3,303
Registered: ‎10-02-2012

Re: QUESTION ON AUTO LOANS

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

Closing all of these credit card accounts once paid off for a fresh start.
$600$800$1,000$500(AU) $2,500
EQ FICO---, EX FICO---, TU FICO---, AAOA 5 months, Utilization 70%, No delinquencies of any sort.
Inquiries on EQ: 19, Inquires on EX: 30, Inquiries on TU: 21, Gardening Since 06-25-14
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

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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