Should I pay Off my Credit Union Loan?

[Anonymous]

I borrowed a secured loan last summer and my balance is 56.00. If i pay this off, will this increase or decrease my score? The loan was for $400.00. Im trying to increase my scores right now. Do you think I should open a new one loan from the Credit Union if i pay it off or just pay it off?

thanks

Greg

[Anonymous]

Anyone?

[llecs]

Paying it off wouldn't have any impact at all to your score. And it'll stay on your CR (assuming its reporting) for an additional 10 yrs if all positive.

[Anonymous]

TY.

[llecs]

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theshadow12345 wrote:

Do you think I should open a new one loan from the Credit Union if i pay it off or just pay it off?

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You're welcome. Also having a good credit mix is good for your score. I don't think it would help you any to get a new loan as it could hurt by lowering your avg acct age.

[Junejer]

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@Anonymous wrote:

I borrowed a secured loan last summer and my balance is 56.00. If i pay this off, will this increase or decrease my score? The loan was for $400.00. Im trying to increase my scores right now. Do you think I should open a new one loan from the Credit Union if i pay it off or just pay it off?

thanks

Greg

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This is what just happened to this person. Read the thread.

Paid Off My Auto Loan And Score is DOWN 19 points. . . (it's under general credit issues)