Will paying off new auto loan and student loan--help/hurt/not affect credit post ch 7 discharge?

[apay]

Anyone with experience with this?  We opened the loan about a month after ch 7 discharge, so it's been since Sept.  We would like to pay the loan off because we're paying 19%apr and already paid way more than vehicle is worth.  Just wondering how this will affect scores.  Considering doing this with Great Lakes student loan that is only about $1k balance too.

[VLGaffEsq]

I can tell you definitively that paying off a new auto loan and or car loan will NOT help your credit score!  Doing so may may actually hurt you in the short term. Despite the interest rate of 19%, I would first pay down credit card debt to to get the best bang for your buck to increase your FICO scores. Paying down credit card debt will lower your utilization, thereby raising your credit scores.  I hope that helps! (FYI...I paid off a car loan years ago for @ $4000.00 and saw no jump at all in my FICO scores, and it was a real bummer).

[Anonymous]

I'd be happy to answer that if you list every single open loan reporting, the current balance and the initial balance.

Without all the details, it's impossible to forecast.  If you have other loans open, list them all.