https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/How-will-paying-my-car-off-affect-my-FICO/m-p/308328#M25458 <DIV>Do you have any other installment loans open? If you don't you may actually take a minor score drop for a loss of credit mix (active accounts of various types of credit). If you do have another installment loan open then your score will probably remain about the same or gain you a point or two. The real difference will come when you pay down the revolving debt and the extra money you have to do that will help you regain any points you may potentially lose.</DIV><DIV>&nbsp;</DIV><DIV>Goodluck!</DIV> Sun, 03 Aug 2008 15:30:54 GMT Anonymous 2008-08-03T15:30:54Z https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/How-will-paying-my-car-off-affect-my-FICO/m-p/308259#M25456 <DIV>After 5 1/2 years of payments, I will finally have my car paid off in December. (So right now the balance is around $1500, with payments a little less than $300, interest 4.19.)</DIV><DIV>&nbsp;</DIV><DIV>When I now longer have that payment, will it affect my score positively, or negatively, or at all?</DIV><DIV>&nbsp;</DIV><DIV>My score tends to be in the low 600's mainly because I have $15000 in revolving debt. (I have it all in low and no-interest accounts, but it still affects my FICO. My baddies are few and several years ago.) Luckily, that extra $300/mo when I pay my car will go toward that revolving debt.</DIV><DIV>&nbsp;</DIV><DIV>Thanks!</DIV> Sun, 03 Aug 2008 11:15:08 GMT https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/How-will-paying-my-car-off-affect-my-FICO/m-p/308259#M25456 Anonymous 2008-08-03T11:15:08Z https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/How-will-paying-my-car-off-affect-my-FICO/m-p/308328#M25458 <DIV>Do you have any other installment loans open? If you don't you may actually take a minor score drop for a loss of credit mix (active accounts of various types of credit). If you do have another installment loan open then your score will probably remain about the same or gain you a point or two. The real difference will come when you pay down the revolving debt and the extra money you have to do that will help you regain any points you may potentially lose.</DIV><DIV>&nbsp;</DIV><DIV>Goodluck!</DIV> Sun, 03 Aug 2008 15:30:54 GMT https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/How-will-paying-my-car-off-affect-my-FICO/m-p/308328#M25458 Anonymous 2008-08-03T15:30:54Z https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/How-will-paying-my-car-off-affect-my-FICO/m-p/308499#M25465 If you don't have any other open installments, you likely will take a small hit on your score. Don't let that bother you, as a paid loan looks great on a manual review. Sun, 03 Aug 2008 20:01:25 GMT https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/How-will-paying-my-car-off-affect-my-FICO/m-p/308499#M25465 Anonymous 2008-08-03T20:01:25Z https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/How-will-paying-my-car-off-affect-my-FICO/m-p/310244#M25528 <DIV>Can't speak as to specifically a car loan (as mine is still being paid off), but I paid off a bank loan ($3K at 6% interest) this spring, while I was still carrying about $14K in cc debt and $10K in car loan debt.&nbsp; I have 20 years of credit history, and I saw a jump up over 20 points when that bank loan was complete.&nbsp; Perhaps you will see the same benefit!</DIV> Tue, 05 Aug 2008 19:54:53 GMT https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/How-will-paying-my-car-off-affect-my-FICO/m-p/310244#M25528 Anonymous 2008-08-05T19:54:53Z https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/How-will-paying-my-car-off-affect-my-FICO/m-p/334505#M27130 <DIV>I still will have a mortgage. That is an installment loan, right?</DIV><DIV>&nbsp;</DIV><DIV>Thanks.</DIV> Sat, 06 Sep 2008 14:56:33 GMT https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/How-will-paying-my-car-off-affect-my-FICO/m-p/334505#M27130 Anonymous 2008-09-06T14:56:33Z https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/How-will-paying-my-car-off-affect-my-FICO/m-p/334929#M27138 <BR /><BLOCKQUOTE><HR />@Anonymous wrote:<BR /><DIV>I still will have a mortgage. That is an installment loan, right?</DIV><DIV></DIV><DIV>Thanks.</DIV><BR /><HR /></BLOCKQUOTE><BR />The mortgage should count as an open installment I believe. The big score gains will be when you PIF the loan and apply $300 more each month to revolving debt. Sun, 07 Sep 2008 06:26:24 GMT https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/How-will-paying-my-car-off-affect-my-FICO/m-p/334929#M27138 Anonymous 2008-09-07T06:26:24Z https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/How-will-paying-my-car-off-affect-my-FICO/m-p/335109#M27146 <DIV></DIV> <DIV>I disagree- mix wise mortgages are treated different from Bank loans, auto loans and student loans. <BR /> <BLOCKQUOTE> <DIV> <HR />@Anonymous wrote:<BR /><BR /> <BLOCKQUOTE> <HR />@Anonymous wrote:<BR /> <DIV>I still will have a mortgage. That is an installment loan, right?</DIV> <DIV></DIV> <DIV>Thanks.</DIV><BR /> <HR /> </BLOCKQUOTE><BR />The mortgage should count as an open installment I believe. The big score gains will be when you PIF the loan and apply $300 more each month to revolving debt.<BR /> <HR /> </DIV></BLOCKQUOTE><BR /> <DIV></DIV></DIV> Sun, 07 Sep 2008 17:07:49 GMT https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/How-will-paying-my-car-off-affect-my-FICO/m-p/335109#M27146 Anonymous 2008-09-07T17:07:49Z