Unless you have a major need for a loan in the near future, such as a house. Do not worry about the trivial score effects of paying something off. Focus on interest savings. Put that money towards your highest interest debt. Whether that is your credit card or your auto, put that cash towards it. Usually paying off credit cards will raise your score. Paying off an auto various from person to person. If the auto is your highest interest debt, do not worry about the score effects. Just save some cash and pay it off.
Hello and welcome
YMMV. . .
@Sassy2013 wrote:
... Is it wise to continue making those monthly payments rather than paying it off in full? What happens to that account on my credit report once I pay off my loan? Will my score then drop as it is one less account on my report? ...
1) You already paid most of the interest
Does your bank give you detailed statements? As in does it tell you month by month how much is going to principle and interest? Some do some don't. I suggest you internet search "loan amortization calculator" and plug in the numbers and see how much interest you could save; since the loan has already aged you have already paid most of the interest (cause car loans are amortized scheduled).
2) Your credit profile
Though, I take it you are at this time more concerned about your credit profile?
Once you pay off your car loan, it will show as "closed", and since you where never late it should say something like "paid as agree" and there will be no delinquency/bad comments. Your profile shows over 2 years of positive payments, so you are golden!!
When I paid off my last auto loan, my score did not change. I believe installment loans don't weight that much for FICO scoring, and since you have 4 credit cards that is where you should focus your attention (revolving accounts have more focus on FICO).
3) beer money?
