Will a $13K loan paid in 1 payment hurt my credit?

[George888]

Hi,

A week ago, I took out a $13,000 auto loan that I have not made a single payment on.   The credit union made a mistake with my payment amount, so we are going to redo the loan.  They said it would cause a second auto loan to appear on my credit report, with the first one showing as having been paid.

Will a $13K loan that will show as having been paid off within one month help or hurt my credit score?  

If it will hurt it, is there anything I can do to remove it, because in reality, it wouldn't be a real loan that I made any payments on.  

Thank you,

[llecs]

As you know, adding one loan can hurt due to the impact to AAoA and the new credit ding. Adding a 2nd would hurt a little more. In both cases, most, if not all the points will return within a year. How soon the loan showed as paid off doesn't matter. If you want it off, you can ask them to take it off. If you leave it on, it'll help in the long term per AAoA, but that's assuming your AAoA isn't high now.