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Established Member
rr6201
Posts: 10
Registered: ‎03-24-2013
0

Score increase or not

My wife and I purchased a new truck last June 2012 $35000 we paid it off this month should we see a score increase on are credit reports or not we also have another auto loan and she has several student loans. So one less installment loan
Senior Contributor
DaBears
Posts: 3,930
Registered: ‎10-26-2012
0

Re: Score increase or not

[ Edited ]

Auto/Installment loans have very little affect on Fico scoring. 

Established Member
rr6201
Posts: 10
Registered: ‎03-24-2013
0

Re: Score increase or not

Thanks for the fast reply that was a $777 payment feels good to not have to pay it anymore and hopefully it will help with dti when we apply for home loan
Senior Contributor
DaBears
Posts: 3,930
Registered: ‎10-26-2012
0

Re: Score increase or not

WOW!!! almost like having a mortgage payment lol. It will definately help with your DTI. 


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