Refi on Car

[Myhearts]

Hey all,

Hearts here.  Just wanted to know if I will still reap benefit of a closed car loan that is being refinanced?  I will not be on this loan and the car will only be in DH's name, but old loan will still report none late payment history, and I will lose $18K in debt.

Hearts

[Anonymous]

If you are paying off your only installment loan-

I would expect a short term drop of 10 to15 points for losing the mix of credit-

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Myhearts wrote:

Hey all,

Hearts here.  Just wanted to know if I will still reap benefit of a closed car loan that is being refinanced?  I will not be on this loan and the car will only be in DH's name, but old loan will still report none late payment history, and I will lose $18K in debt.

Hearts

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[Myhearts]

Tim,

I still have my truck loan reporting though.

Hearts

[Anonymous]

If you still have another OPEN installment loan reporting-

Don't worry about it- the score may go up a few points.

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Myhearts wrote:

Tim,

I still have my truck loan reporting though.

Hearts

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