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Dirt Bike Loan

Regular Contributor

Dirt Bike Loan

Hello I have taken out a Dirt Bike Loan to help my credit its the only loan I have besides 6 credit cards the loan right now for the bike is at 2,367.11 been paying it since Nov 2012, if I do the monthly payments of $80 it will be paid off on 11/15/2015 3 Years total, but my whole plan is to pay it off in Nov of 2013 it will make it a 1 Year of none late payments .. will that affect my credit score?

As of 9/13"
Starting Score: 600
Goal Score: 740
Garden till 10/14"
Message 1 of 6
5 REPLIES
Valued Contributor

Re: Dirt Bike Loan

Installment loans do not have a big impact on scores unless it is a mortgage.

It is possible you may lose points once its paid off. Your mix of credit will end which is part of the scoring process.

But some have noted a small increase. So YMMV depending on whats on your reports at that time.
Good Luck
May all your dreams and wishes become a reality!
Message 2 of 6
Highlighted
Regular Contributor

Re: Dirt Bike Loan


JM-AM wrote:
Installment loans do not have a big impact on scores unless it is a mortgage.

It is possible you may lose points once its paid off. Your mix of credit will end which is part of the scoring process.

But some have noted a small increase. So YMMV depending on whats on your reports at that time.


Ok thank you so much Woman Happy

As of 9/13"
Starting Score: 600
Goal Score: 740
Garden till 10/14"
Message 3 of 6
Established Member

Re: Dirt Bike Loan

Paying ahead of term usually gives you a small score boost. I can vouche for that.

Message 4 of 6
Regular Contributor

Re: Dirt Bike Loan

So your saying by paying the full terms will give me a bigger score boost?

As of 9/13"
Starting Score: 600
Goal Score: 740
Garden till 10/14"
Message 5 of 6
Moderator Emeritus

Re: Dirt Bike Loan

Pay it off early, save  yourself some money in interest.  The account will sit there for 10 years from the date it was paid off and add to your AAoA.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 6 of 6