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I just paid off a loan

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RTOrockstar
Frequent Contributor

I just paid off a loan

I recently paid off an installment loan that was reporting to TransUnion and now I only have 2 open lines of credit reporting. Is this going to hurt my TU FICO?

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MattH
Senior Contributor

Re: I just paid off a loan


@RTOrockstar wrote:

I recently paid off an installment loan that was reporting to TransUnion and now I only have 2 open lines of credit reporting. Is this going to hurt my TU FICO?


 

Usually positive paid-off accounts continue to appear on your reports for a number of years, so this account should not fall off any time soon. If anything, I would expect your score to go up a tad because your non-mortgage debt total has become smaller.
TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it
Message 2 of 3
pizzadude
Credit Mentor

Re: I just paid off a loan

 

Yeah, I wouldn't expect either a jump or a decrease;  paying off installment loans doesn't usually make a signifcant change in your FICO scores.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
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