Mortgage Loans

[Razorbackbelle08]

I've never had a late payment and I have one small blemish on my credit. I just paid off my car loan 4 years early. Is this going to help my credit score?

Thanks!

[sunrise]

Could give it a ding for a few months.  People have said that losing the open TL has caused a temporary drop in scores.  You would think that it would help, but FICO likes to see open/used TL's?!?!  a.k.a debt!! 

I was going to pay off a loan (early) this month, but when I saw in these forums that people were actually losing points by doing so, I decided to keep it until AFTER my mtg. goes through in Mar.

Maybe someone else will have something more positive to say?!

[fused]

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Razorbackbelle08 wrote:

I've never had a late payment and I have one small blemish on my credit. I just paid off my car loan 4 years early. Is this going to help my credit score?

Thanks!

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Maybe yes, but probably no...saving money is more important.

[Razorbackbelle08]

I did save $1700 in interest....

[fused]

Whatever you might lose in points, and it might be none or a few, is more than made-up by saving 1,700 bucks. If you don't plan on apping for anything in the near future who cares about scores, saving money is ALWAYS more important. Nice job!