Posts: 90
Registered: ‎03-24-2008

Why didn't my score go up?

I paid off my last car loan 5 months early, in September.  Why does that not reflect positively on my credit??  I have added a couple thousand in CC debt to do some work on my house, so my overall debt load is about the same I guess, but I would think it would show credit-worthiness to pay off a loan EARLY. 

Valued Contributor
Posts: 1,345
Registered: ‎03-24-2013

Re: Why didn't my score go up?

It won't really help your score at all. Paying down credit cards will improve your score much faster because an auto loan is an installment loan and a credit card is revolving. But, having the auto account on your record will definitely help later down the road. now i know what you are thinking "i just paid off my car, now it won't be on my report"........all accounts stay on your report for up to 10 years after being closed, so your report still looks good, you have successfully paid off an installment loan. (hopefully all paid on time and in full)

FICO - TU: 780 EX: 785 EQ: 760

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.