Major Loan Payoff

[Anonymous]

Hi All ;

Just Had A Question How Much Of A Change And How Soon Will I See Results(Hight Or Lower Score) When I Pay Off A $27000.00 Auto Loan That Was Payed On Time For 5 Yrs And Payments Were $464. A Month And I Payed $500.00 A Month On The Entire Loan With The 1 Exception The Job I Had Worked For For 10 Years Went Outta Business And It Took Approx 3 Weeks To Get New Job And Additional 3 Weeks To Get 1 Full Check Whitch I Cought Up On The Auto Payment Thats The Only Missed Payment Of The Whole Loan How Would This Affect My Fico Score?  

[fused]

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Hemi52rb wrote:

Hi All ;

Just Had A Question How Much Of A Change And How Soon Will I See Results(Hight Or Lower Score) When I Pay Off A $27000.00 Auto Loan That Was Payed On Time For 5 Yrs And Payments Were $464. A Month And I Payed $500.00 A Month On The Entire Loan With The 1 Exception The Job I Had Worked For For 10 Years Went Outta Business And It Took Approx 3 Weeks To Get New Job And Additional 3 Weeks To Get 1 Full Check Whitch I Cought Up On The Auto Payment Thats The Only Missed Payment Of The Whole Loan How Would This Affect My Fico Score?  

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Paying off an installment loan rarely nets a significant score increase. Is there a late payment showing on your reports? If so, how many days late and when was it?

[Anonymous]

I Just Checked My Past Scores And Didnt Find Any Lates For The Auto Account My Past Scores Were 686 Feb 2005, 690 June 2007, 700 July 2007

[Anonymous]

Hemi52rb wrote:

Hi All ;

Just Had A Question How Much Of A Change And How Soon Will I See Results(Hight Or Lower Score) When I Pay Off A $27000.00 Auto Loan That Was Payed On Time For 5 Yrs And Payments Were $464. A Month And I Payed $500.00 A Month On The Entire Loan With The 1 Exception The Job I Had Worked For For 10 Years Went Outta Business And It Took Approx 3 Weeks To Get New Job And Additional 3 Weeks To Get 1 Full Check Whitch I Cought Up On The Auto Payment Thats The Only Missed Payment Of The Whole Loan How Would This Affect My Fico Score?  

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Paying off an installment loan rarely nets a significant score increase. Is there a late payment showing on your reports? If so, how many days late and when was it?

I agree,I payed off a $38,000 loan(2 yrs old) 1st of Oct'08.no lates,got an alert but no score change.

[haulingthescoreup]

As to the late payment, creditors rarely report a payment that was a couple of days late, although they will cheerfully hit you with late fees, and maybe rate-jack you.

If I were you, I would call them and confirm (write down the name, date and time that you called) that they will not post a late payment on your credit report, and then check your reports for the next couple of months.