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Regular Contributor
Posts: 190
Registered: ‎08-12-2012
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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"
Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
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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!
Regular Contributor
Posts: 190
Registered: ‎08-12-2012
0

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 :womanhappy:

As of 9/13"
Starting Score: 600
Goal Score: 740
Garden till 10/14"
Established Member
Posts: 113
Registered: ‎12-04-2012
0

Re: Dirt Bike Loan

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

Regular Contributor
Posts: 190
Registered: ‎08-12-2012
0

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"
Moderator
Posts: 12,952
Registered: ‎04-15-2011
0

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.


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