10-15-2012 08:00 PM
i just paid off my car about 9 months early. But now I read on here somewhere that paying installment loans off early can hurt your score?! If so, why? I'm guessing it's because of credit mix. If so, I still have an open installment with EX and EQ For my bf's car. ( CU doesn't report to TU for some reason). All 3 cra's have closed PIF'd installment loans showing from my 2 previous cars (compass bank and vw), though the oldest one is going to age off report in the next few months.
10-15-2012 08:37 PM
10-18-2012 10:16 PM
or is this another ymmv based on what else is in your file?
10-20-2012 01:08 PM
I've been told by Barry that closed loans still factor into mix. Makes sense. As always YMMV. If anything there's a chance for an increase once closed because another TL reports a balance of $0.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.