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Even if you go the full term then pay off it can hurt your score. It deoends on the credit mix you have. Fico like to see a mixture of revolving and installment accounts that are active, showing that hou can manage your credit. If you don't have any installments actively reporting yoh can see a decrease because you won't get the most points for this category kf the scoring.
Total CL: $321.7k | UTL: 2% | AAoA: 7.0yrs | Baddies: 0 | Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping |
@Anonymous wrote:
Quick question. If I sell my car a year shy of the full 54 month term will it drop my score? I have never missed or been late on a payment, but i'm a little worried it will tank my score not going full term?
I explained how to avoid a score drop in traveler77's thread with a similar subject line. See "selling car kills score??"