Will my score go up after paying off my auto loan?

[heather06]

I have an auto loan I got 4 months ago and i was in a horrible car accident (not at fault) last week and the car was totaled. I am getting paid out for the car from insurance and they will pay my loan off. Since the loan is so new - is there still a chance once its paid off that my score will go up? Im upset as i had to jump through hoops to get the loan for this car and now will only have enough $ to pay off loan and then be stuck without a car again - & will have to go get another car & car loan. Hate that my score will have to take a hit again from inquiries when it just got hit with the inquiries from 4 months ago for this loan....   Im hoping that paying off this loan will boost my score somewhat as i am already stressing having to go out and get approved for another car loan. also how long does it take for the loan payoff to report from credit bureaus?

thanks in advance!

[Anonymous]

1) The short answer is you likely won't see much of anything due to the pay off
a) The bounce of having the account on all 3 CRA varies of opening an account easily within about a 2-4 month variance
So unfortunately a 4 month account is kinda 'what was that's

2) Typically, ppl complain because normally scores actually go down after long term mortgages and car loans are paid off due to the shifting in both the credit mix + plus value of juggling the loan well for so long goes away as soon as there is no loan
Again, unfortunately in this case I don't believe you had the loan long enough to generate the benefits of managing the loan...which isn't a bad thing it's just that if you didn't get the bump, there's no bump to take back

It's kind of a wash

You took the HPs, got a new credit shine but really no time for anything major to happen plus/minus most likely about a push

Bad news, you won't benefit much from having the TL Good news, it won't hurt you ( besides the 💰 you put out to get into the car and have to do all over again...I'm sorry, I get that) but credit wise kinda a non event