Paying off car loan or not?

[Anonymous]

Will paying my car loan early hurt my short credit report. The loan is about 3.5 years old never late. But some family circumstances lead me to have to pay it off early. Will this hurt it, help, or wouldn't matter.

[Anonymous]

I would guess it would depend on the aging of your other ontime accounts as a factor. If this car loan is yoru oldest account then paying it off early could potentially hurt your age of accounts hwoever if its say one of 4 or 5 old accounts then you should be fine. I wish you the very best of luck.. 

[Anonymous]

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@Anonymous wrote:
Will paying my car loan early hurt my short credit report. The loan is about 3.5 years old never late. But some family circumstances lead me to have to pay it off early. Will this hurt it, help, or wouldn't matter.

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If you pay off and close a good TL, it will remain on your CRs for 10 yaers so your AAoA will not suffer until then.

.If you dont have another installment loan on your CRs, it might hurt your 'credit mix', but thats only 10% of the score and the installment would be one part of that 10%.

In general, I would says it isnt going to make much difference, maybe a couple points if no other installment loan, but not that bad.

GL

[Anonymous]

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@Anonymous wrote:
Will paying my car loan early hurt my short credit report. The loan is about 3.5 years old never late. But some family circumstances lead me to have to pay it off early. Will this hurt it, help, or wouldn't matter.

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@Anonymous may lose a few points for credit mix, but they would be easily regained by doing a small secured loan from a CU like SDFCU. They will do $500 @3.99% for 36 months.

[Anonymous]

I do have another auto loan, so I guess everything should be fine.

Thanks for the replies