Auto Loan Payoff and Credit Score....

eparker · ‎09-04-2010

OK...Paid off my auto loan last month (August). Still showing balance and waiting for it to report $0.00. My question is this, how many points may i receive from this? I was thinking maybe between 5-10 points. Or am I way off base and maybe 0-3 points.

Has anyone seen any success (point increase).

Thanks...

Starting Score: Mid 500's
EQ-701 TU-693 EXP-698
Goal Score:750+

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llecs · ‎09-07-2010

If pulling and comparing the before and after from myFICO, and if you have no other open installment TLs reporting, then I'd guess a loss or gain of less than 10 points. If you have other open installments, then I'd guess none. Keep us posted.

MarineVietVet · ‎09-07-2010

Congratulations on the loan pay off. No matter how it affects your score just be happy you now have one less debt to worry about.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work