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I had a car loan with Capital One that I recently paid off. I still have an open loan with Ford and I only owe about $4K on it. I was wondering if I went ahead and paid off the Ford loan as well, would it decrease my credit score? I still have student loans that are reporting and in good standing. I also have credit cards which are all paid off except for one that has a nominal balance ($12). I'm trying to purchase another car and I want to make sure that paying off the Ford loan won't hurt me score wise or should I keep it open until I'm approved for another vehicle.
I paid off 2 vehicles in March early and then sold a leased vehicle to Carvana 1 year before the lease was up and my score dipped 8 points but has since nearly recovered. I am buyhing a car in June so I intentionally paid these off in March to allow for a dip & bounce before applying for new financing.