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Fico and car payoff

Valued Member

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?
1 REPLY
Moderator Emeritus

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.