Effect of paying off auto loan.

SG43 · ‎03-23-2022

I currently have two auto loans, one from cap1 when I had just begun building credit that has two more remaining payments (1000 left of 29000) and one from NFCU that has 33k of 50k remaining.

when I pay off the cap1 loan, and that installment loan closes, I imagine my aggregate installment loan utilization shooting up will bring down my score pretty rapidly while I get caught up on NFCU loan and get its utilization down.

any prediction how much my score is going to suffer? Obviously it's unavoidable, I can't keep the loan open forever.

Vantage scores around 806, fico9 are 818-825, fico8 hovers around 800 and change.

preparing for a 500k mortgage in a couple months so I'm understandably anxious about what it can and will do to my scores.

Open Installments - Nfcu Auto (51% Left)
Closed Installments - Cap 1 Auto, Chase Auto, Prosperity Bank Secured
Closed Revolvers - Nfcu Plat V, NFCU Plat MC, Citi Simp, Citi DC, Citi DP, Cap1 Plat, Cap1 V1, Chase FU, First Premier, Capital1 Quicksilver, BBVA/PNC Points, Apple Card GS, Discover IT
Closed Busi - Amex BBC & BBP (Chopping block: Amex Prime, Sapphire Reserve [pyb changes])

Anonymous · ‎03-23-2022

dragontears · ‎03-23-2022

I predict a score change on the magnitude of <10 points

TryingtoBeLifeGoals · ‎03-23-2022

we sold one of my cars that had a $10,000 balance and I still have another car loan, mortgage loan and student loans and my score dropped 15-25 points.