Pay off or pay down car loan?

[Anonymous]

I am about $4,600 from paying off my $14K car loan.

Is it better to just pay it off and close the account, or do I get a monthly FICO bump for paying it down monthly?

[Anonymous]

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@Anonymous wrote:

I am about $4,600 from paying off my $14K car loan.

Is it better to just pay it off and close the account, or do I get a monthly FICO bump for paying it down monthly?

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Good question! I want to know this too.

[Anonymous]

I'm wondering this also.  I got into an AWFUL loan five years ago (19%) and was denied the opportunity to refinance due to a collection account on my credit report.  I've paid above the minimum amount due for the past six months and am $1,700 from paying it off.  I can have it all paid off by next month.  I'd rather just get rid of it and not have to worry about the payment anymore. 

[fused]

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Zen wrote:

I am about $4,600 from paying off my $14K car loan.

Is it better to just pay it off and close the account, or do I get a monthly FICO bump for paying it down monthly?

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What's more important saving money or gaining a few FICO points?

[Anonymous]

Scores depend more on your CC then auto & mortgage. Having different types of credit are good also.

Paying off an auto  loan would save you intrest but  that might be all.

Please wait for PRO to answer you.

[Anonymous]

Pay it off! 19% is way too much to pay for a couple of points, IMO.