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.