Auto loan payoff question

[eparker]

Does anyone have an idea of how many points someone may get after an auto loan is paid off?  I am aware it may not be very many.  I have an auto loan that will be paid off next month, and another one in a couple more months.

Any help is appreciated.  

Thanks.... 

[MarineVietVet]

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@eparker wrote:

Does anyone have an idea of how many points someone may get after an auto loan is paid off?  I am aware it may not be very many.  I have an auto loan that will be paid off next month, and another one in a couple more months.

Any help is appreciated.  

Thanks.... 

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Installment loans are scored differently than revolving accounts and since they are generally secured paying them off will not help as much as paying down CC debt. But be grateful you have one less debt to pay. Kind of a glass-half-full approach. 

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
6/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Whats In Your FICO Score

[eparker]

yea...very greatful for the loan being paid, and the second one just around the corner.  I knew i wouldnt get many points, if any.  being hopeful for 5-10pts just gonna relax with no car payment for about 2yrs, as long as it holds up.

thanks for the input. 

[Anonymous]

I seem to remember there was an issue if you had 2 or more auto loans and paid one off, the util calculation suddenly shifted to the remaining loan(s) with balance and that could affect your score?  Anyone?

[MarineVietVet]

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@Anonymous wrote:

I seem to remember there was an issue if you had 2 or more auto loans and paid one off, the util calculation suddenly shifted to the remaining loan(s) with balance and that could affect your score?  Anyone?

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I don't believe that would be a concern. Utilization on installment loans is calculated but is such a tiny part of the score that it's not worth thinking about.

But others may have a different opinion.

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
6/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Whats In Your FICO Score