Just wanted to share with everyone that last week I paid off my car loan and I am currently debt free!!! Feels good not to worry about monthly payments. Now it is time to save up a nice chunk of money for a new house!!! This forum really helps and motivates so thanks to all of you for shaing your knowledge!!!
Thanks! My scores are in the 800's and I hope me paying off the car will not make them drop too much. Does anyone know how long it would take for my scores to recover from whatever drop it might be?
@SMikulski49 wrote:Thanks! My scores are in the 800's and I hope me paying off the car will not make them drop too much. Does anyone know how long it would take for my scores to recover from whatever drop it might be?
Hey many congrats!
If this was your last open installment loan, they won't actually without further action on your part, utterly seperate part of the scorecard. That said, if you want to fix it, go and use the share secure loan reindeer games to recover the points for stupidly low amounts of cash out of pocket.
Method:
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...
Gory Theory:
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Installment-tradeline-utilization-thread/...
Congrats 2 ya... Ah the freedom,,, it's hard for me to justify making a bill now..,, Enjoy and best of luck on your home journey..........
