Prep for new DCU loan

[Anonymous]

Hi all!

I have an auto loan currently with DCU. I had one on a prior vehicle as well but it is paid off. The outstanding one is about 10k and the original balance was 34k. My most recent EQ FICO score they provided was 687. I make 132,250 after bonus and 115k base. Will have about 20k down on the 44k Jeep Gladiator I want to purchase. I will use the equity in my Wrangler. I am getting my bonus soon and could pay off the auto loan. Would that help since I would have another loan that I've fully paid off with them? I think I'm right on the cusp between superior and excellent credit rates from DCU. https://ficoforums.myfico.com/t5/Auto-Loans/Score-needed-for-best-rate-with-DCU/td-p/5002517

I do have another installment - a student loan with 6k that has been open since 2012. It had a late in 2013 but has been clean since. I know scores can take a dip after but wasn't sure of the best move since I have a history with them and it's the older FICO model. I have a few months before the Gladiator arrives at the dealer from the factory. I put down 1k. Expect to finance around 23 or 24k. Thanks everyone!

[KLEXH25]

Would paying off the loan help in what way? Getting approved for a better rate? I actually think your best bet is to pay down the loan to 8.9% or less of the total loan, but don’t pay off the loan. You should get a score boost before you apply for the new loan. If you pay it off early, your scores will take a dip, so it’s better to keep it open. Then once you’re ready to apply, maybe mention that you can pay off the balance if it helps.