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Selling car early and score

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Anonymous
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Selling car early and score

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?
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RonM21
Valued Contributor

Re: Selling car early and score

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: $321.7kUTL: 2%AAoA: 7.0yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | AMEX-42k | DISC-40.6k | PENFED-38.4k | LOWES-35k | ALLIANT-25k | CITI-15.7k | BARCLAYS-15k | CHASE-10k

Message 2 of 3
Anonymous
Not applicable

Re: Selling car early and score


@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??"

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