Regular Contributor
Asailorshort
Posts: 205
Registered: ‎06-04-2012
Installment PIF early ... Hurt or help score?

i just paid off my car about 9 months early.  But now I read on here somewhere that paying installment loans off early can hurt your score?!  If so, why?  I'm guessing it's because of credit mix.  If so, I still have an open installment with EX and EQ For my bf's car.  ( CU doesn't report to TU for some reason).  All 3 cra's have closed PIF'd installment loans showing from my 2 previous cars (compass bank and vw), though the oldest one is going to age off report in the next few months.

Starting FICO 667 (5/2012) EQ
672 (7/2012) EQ. 681 (8/1/12) EQ
Current FICO 682 (10/13/12) EQ; 718 (10/13/12) TU
Goal: 760+ but 700-720 by jan 2013
No new apps tll jul 2013
Valued Contributor
Epcot
Posts: 2,777
Registered: ‎10-10-2012
Re: Installment PIF early ... Hurt or help score?
I am curious about this as well. Several years ago I paid two auto loans off within a year of opening them. My scores didn't change all too much, but when I attempted to get a new auto loan shortly thereafter, the dealer told me my Auto Enhanced score took a dive.

Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 809 EX 774 TU 805
App free since 4/11/13
Regular Contributor
Asailorshort
Posts: 205
Registered: ‎06-04-2012
Re: Installment PIF early ... Hurt or help score?

bump

 

or is this another ymmv based on what else is in your file?

Starting FICO 667 (5/2012) EQ
672 (7/2012) EQ. 681 (8/1/12) EQ
Current FICO 682 (10/13/12) EQ; 718 (10/13/12) TU
Goal: 760+ but 700-720 by jan 2013
No new apps tll jul 2013
Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007
Re: Installment PIF early ... Hurt or help score?

I've been told by Barry that closed loans still factor into mix. Makes sense. As always YMMV. If anything there's a chance for an increase once closed because another TL reports a balance of $0.