Regular Contributor
Posts: 217
Registered: ‎11-01-2007
Installment Loans vs Credit Mix?

I am making the last payment tomorrow on my Motorcycle that I refi'ed with NFCU close to 4 years ago. I also have two other small installment loans that currently run into August(last payments due in Aug for both).

 

I have the ability to pay off the two smaller loans over the next three months. If what I remember about credit mix is true, I believe that my credit score might be hurt a bit if I do not have any open TL's in the installment category, so I'm wondering would my scor ebe best served if I contiue to make timely payments on both until August, or would I be best served to pay them off early?

 

I want to app for a car loan with NFCU in mid-May and I'm wondering which route to take to maximize my score come May.

 

Any input is appreciated! Smiley Happy

EQUIFAX - 640 1/05/12 - Goal of 720 by Mid May!
Transunion - 637 - 01/15/10