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