07-04-2013 06:32 AM
I have a auto loan that will be paid off in February of next year. I'd also like to purchase a house a bit later this year. I'm wondering if my CR would look better to a loan officer with an active car loan or a car loan that's paid off. Will my credit score change when the loan is paid off?
07-04-2013 09:53 AM
What else do you have that's opened?
Lenders generally will remove your car pmt from DTI inside a few months prior to paying it off, so that'll help. Per FICO, it's YMMV.