topic Will my FICO scores go down? in Understanding FICO® Scoring https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Will-my-FICO-scores-go-down/m-p/1252553#M60897 <P>I pai off the balance on my car loan to free up the payment amount in order to snowball my other debt.&nbsp; Will losing the installment loan balance hurt my FICO scores? I have a mortgage. I saw somewhere that mix of credit needed one or the other.&nbsp; Could someone give me a better understanding of how this works?</P> Tue, 28 Feb 2012 13:56:41 GMT crunching_numbers 2012-02-28T13:56:41Z Will my FICO scores go down? https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Will-my-FICO-scores-go-down/m-p/1252553#M60897 <P>I pai off the balance on my car loan to free up the payment amount in order to snowball my other debt.&nbsp; Will losing the installment loan balance hurt my FICO scores? I have a mortgage. I saw somewhere that mix of credit needed one or the other.&nbsp; Could someone give me a better understanding of how this works?</P> Tue, 28 Feb 2012 13:56:41 GMT https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Will-my-FICO-scores-go-down/m-p/1252553#M60897 crunching_numbers 2012-02-28T13:56:41Z Re: Will my FICO scores go down? https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Will-my-FICO-scores-go-down/m-p/1252609#M60898 <BLOCKQUOTE><HR /><a href="https://ficoforums.myfico.com/t5/user/viewprofilepage/user-id/550851">@crunching_numbers</a> wrote:<BR /><P>I pai off the balance on my car loan to free up the payment amount in order to snowball my other debt.&nbsp; Will losing the installment loan balance hurt my FICO scores? I have a mortgage. I saw somewhere that mix of credit needed one or the other.&nbsp; Could someone give me a better understanding of how this works?</P><HR /></BLOCKQUOTE><P>Both your mortgage and auto loan count as installment loans and contribute positively towards your mix of credit so you won't the mix by paying off your auto loan.</P><P>&nbsp;</P><P>Also your installment loan balances don't factor significantly into FICO scoring, so paying it off shouldn't have a big impact on your score.</P> Tue, 28 Feb 2012 14:42:09 GMT https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Will-my-FICO-scores-go-down/m-p/1252609#M60898 pizzadude 2012-02-28T14:42:09Z