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Valued Member
x5man
Posts: 28
Registered: ‎09-04-2007
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Fico and car payoff

My car was totaled and the insurance paid the creditor in full. The creditor update my file as paid in full. Why doesn't it have any effect on my credit score?
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fused
Posts: 16,373
Registered: ‎03-12-2007
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Re: Fico and car payoff



x5man wrote:
My car was totaled and the insurance paid the creditor in full. The creditor update my file as paid in full. Why doesn't it have any effect on my credit score?


 
For many, paid installment loans do not net big score increases. However, CCs with big balances that are paid down will see significant score increases.
Credit Profile -
FICO 08 Scores (11-08-2014): EQ 818, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1


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