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Small Hit For Paying Off Auto Loan -- 7 points -- 802 to 795

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Valued Contributor

Small Hit For Paying Off Auto Loan -- 7 points -- 802 to 795

My SO has had a loan with Nissan Credit for a used Nissan Leaf.   It was a zero percent loan for 60 months but we had it paid down to $100 at 24 months and left the $100 balance on there for a while.  I finally decided to just pay the darned thing off.   Experian just reported the payoff and it was a 7 point hit.   There is a mortgage that's been in place for about five years that's paid down from 500K to 470K so there is an installment loan open and reporting.

So there is still some hit even with a high score and with a mortgage, but not the 20 points often seen.

FICO 08: EX-714, EQ-738, TU-721 - [8/2/2019]
FICO 09: EX-748, EQ-785, TU-770 (8/2/2019)
Mortgage: EX-737, EQ-769, TU-761 - [8/2/2019]
NFCU NavChk 15K | NFCU Visa 50K | CapOne Venture Visa 50K | CapOne Savor 30K | Barclay Aviator MC 12.5K | Discover It 32K | Alliant 3% Cash Back Visa 25K | BECU CLOC 10K | BofA AK Air Visa 5K |Amazon Prime 10K.
239.5K Total Revolving. Alliant Car Loan 15K/31K
BK 7 Filed 8/23/2013 - Discharged 11/27/2013.
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Valued Contributor

Re: Small Hit For Paying Off Auto Loan -- 7 points -- 802 to 795

Even if it were a 50 point drop, I would still rather have the loan paid off. In general, paying off debt is always better. I know I’ll get pushback from score maximizers, but that’s my thought. 

Congrats on paying it off! 

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Established Contributor

Re: Small Hit For Paying Off Auto Loan -- 7 points -- 802 to 795

I just paid off two auto loans one today and one 2 weeks ago.

I also have a mortgage, will see what happens.



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