Paying off auto loan---What it will do to my fico score?

[Anonymous]

I had my car for almost 2 years, Every months was making double payment, so it would only take me 2 years to pay off my auto loan.  I still owe about 2K.  Was late making my payment last months 5 days, Chase reported me late, Fico dropped 40 points.   What would happen if I pay off my auto loan?   Would that raise my fico score up? Or should I just continue to make my payments?

[llecs]

Pikate, I moved your other post to RYC and someone will comment shortly, but until that late gets resolved, I'd make payments as scheduled. The reason you may want to consider waiting is because Chase may want to see some positive history following that late before they'd consider removing the late. If you PIF not, it may impede your chances some.

Otherwise, PIF a car loan won't really impact your score. If this is your last installment loan then you might see a small point change. I recently PIF my last loan and TU FICO dropped and EQ FICO increased, both by single digits.

[Anonymous]

Thank you very much for responding,  It was my only late payment with them in 2 years, and it was only 5 days.  I have 1 credit card that I use and pay off every months before they report me, also another unsecured loan, making monthly payments, never been late on both accounts, no collections, but because of this 1 late payment that Chase reported my fico score dropped on all credit reports by 40 points.   How do I fix this?  

[Jazzzy]

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@Anonymous wrote:
I had my car for almost 2 years, Every months was making double payment, so it would only take me 2 years to pay off my auto loan.  I still owe about 2K.  Was late making my payment last months 5 days, Chase reported me late, Fico dropped 40 points.   What would happen if I pay off my auto loan?   Would that raise my fico score up? Or should I just continue to make my payments?

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I'm confused...were you only 5 days late, or did you go past 30 days? Only if payments are 30 days late are they reported to the credit bureau. A 5-day late payment wouldn't be reported to the credit bureau.

[Anonymous]

That's the whole point.  It was only 5 days.  I already disputed with CBR because it was only 5 days, and you are right, usually it's only if 30 days.  But Chase did 5 days.  I spoke with Chase same day when I got alert on my fico score.  They told me to read my contract and it's says that they have a right to charge late fee and report as late on the 5th day after the due date.

So, I guess I'm .......

[haulingthescoreup]

Wow, what is wrong with those fools???

I'd start GW'ing them to death. You might even consider Planet Feedback, since you'd been such a good customer, and they treated you so shabbily.

And yes, yes, for the usual posters: I realize that the banks can do anything they want, and that we all have to get out our magnifying glasses and read the fine print, but that's lousy business practices. If I were Chase, I would have taken the late fee and not reported the late. 5 days after the due date? That's nuts.