cancel
Showing results for 
Search instead for 
Did you mean: 

IN NEED OF GREAT ADVICE????????? PLEASE

tag
Southerndude
Member

IN NEED OF GREAT ADVICE????????? PLEASE

IF I HAVE A CAR LOAN THAT I COULD PAY OFF EASILY THAT IVE HAD FOR 2 MONTHS WOULD THAT HELP ARE HURT MY CREDIT SCORE??? ALSO I INVESTED IN SOME CDS FROM THE BANK AN MY MATURITY DATE IS CLOSELY COMING UP AN MY QUESTION IS IF I CLOSE THE ACCOUNT AFTHER MY ENDING DATE WOULD THAT HELP MY CREDIT SCORE ARE HURT `ITS BEEN A YEAR ? THANKS  WELL AHEAD  4 THE INFO.....

Message 1 of 4
3 REPLIES 3
Shogun
Moderator Emeritus

Re: IN NEED OF GREAT ADVICE????????? PLEASE

If you pay off the car loan it will stay on your CR for 10 years from the time paid as a good account and add to the AAoA of your CR.  As far as your investment CDs, these are not included on CRs so no information about them would benefit.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 2 of 4
Rhaeny
Valued Contributor

Re: IN NEED OF GREAT ADVICE????????? PLEASE

I also am not sure how other creditors, specifically auto financing companies, will look at paying an auto loan for 2 months only.  I would think they would want to see some payment history and 2 months may be too short......maybe 6 minimum before the PIF date? I'm not 100% sure that this will play a role but it does come to my mind that it may present an issue in the future for another car loan, especially since most car loans use the auto-enhanced scoring model.


Major CC's - Barclay's ($5.5K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($22K) | Navcheck ($15K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($9.5K) | Amex Delta ($10K) |Store CC's| -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2.6K) | Sams Club ($4.1K) |Goal|: Age with grace to 750 across the board |Last app|: 3/3/2014
Message 3 of 4
annielorie
Valued Contributor

Re: IN NEED OF GREAT ADVICE????????? PLEASE

On manual review yes that could be a factor. If you actually have the money to pay it off. Put it in savings account that is not linked to other accounts and keep paying monthly.  IMO I would pay for a least 11 months. Then Pay FUll


Starting Score: 0
Current Score: TR??FICOEQ ?? FICO
Goal Score: 760

Lowes7,000 Discover More 2800. Jcpenny 6,000
Chase freedom 800 Never take NO for an answer!!
Message 4 of 4
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.