installment loan and credit score

[seratonin]

I am on the verge of applying for a mortgage, and also close to paying off my auto loan.  I read that a mix of types of credit helps one's credit score.  Will paying off the installment loan make my credit score go down since I have no other open installment loans?  Or will having a paid installment loan have the same weight in my score as having an open installment loan?  I know having less debt will be a plus in applying for a mortgage, but I don't want my credit score to drop right before I apply.  Thanks for any input. 

[smallfry]

Some go up some go down. I'd be inclined to do nothing with the car loan right now.

[IOBA]

Logically, having the car loan report as paid in full would be a PLUS with any lender!  

[smallfry]

Logic and FICO huh? 

[seratonin]

thanks to all !

[RobertEG]

Installment loan % util is minor. 
Credit mix is not.

FICO does not reward you for payment.

I would not pay any earlier than normal monthly payments.

[Anonymous]

If you have less than 10 payments remaining on an auto loan, the mortgage lender doesn't factor the payment into your debt to income ratio. Having a few payments remaining should not affect your mortgage. They would rather see cash in the bank (reserves) than the final few payments of the car loan paid.