I have 2 open auto loans one is close to being paid off will my score go up or down?

[markcerm]

I have 2 open auto loans one opened may of 2009 with no lates. Other opened feb 2007  with no lates, which is close to being paid off because of overpaying so it will be paid off this year, does paying off a auto loan early hurt score in any way? and once its paid  will my score go up?

thanks in advance for your help

[MarineVietVet]

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@markcerm wrote:

I have 2 open auto loans one opened may of 2009 with no lates. Other opened feb 2007  with no lates, which is close to being paid off because of overpaying so it will be paid off this year, does paying off a auto loan early hurt score in any way? and once its paid  will my score go up?

thanks in advance for your help

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An early payoff will not hurt your score at all and paid off installment loans of any kind usually don't help a score go up because secured loans are not weighed nearly as heavily as unsecured accounts like credit cards.

But you will have 2 less debts and IMO that is much more important. Congratulations on achieving that.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".