Success post okay here?
First time ever paying an autoloan to completion...
72 month loan paid in 38.
Now to stay strong and not talk myself into an 80k replacement like I want to do lol.
@FlaDude wrote:Congrats on the payoff! Is that your only installment loan? If so, you'll lose a few FICO points in the credit mix catagory.
It was my only active, I will "lose" a few points but it won't change my credit rating and you don't really lose points, you lose bonus points. If I were to get another installment loan to preserve points I am just going to lose those points to a hp, age of credit, and possibly amounts owed in relation to starting amount anyway.
My current f8 is around 790, and auto scores around 830s so losing a few bonus points is not going to kill me.
@Beefy1212 wrote:
@FlaDude wrote:Congrats on the payoff! Is that your only installment loan? If so, you'll lose a few FICO points in the credit mix catagory.
It was my only active, I will "lose" a few points but it won't change my credit rating and you don't really lose points, you lose bonus points. If I were to get another installment loan to preserve points I am just going to lose those points to a hp, age of credit, and possibly amounts owed in relation to starting amount anyway.
My current f8 is around 790, and auto scores around 830s so losing a few bonus points is not going to kill me.
It depends; if you have an account with the likes of PenFed or NFCU, you can open an SSL with no hard pull. Yes, you'll lose a point or two for the new account and age of credit, but I believe in most cases that is made up many times over by keeping your bonus points intact.
I'm about 14 months away from paying off my Tacoma, and were it I did not have a mortgage, I would definitely open up an SSL.
Congrats on the loan payoff ! Not having a car payment is a great feeling 
@Thomas_Thumb wrote:
@Beefy1212 wrote:
Success post okay here?
First time ever paying an autoloan to completion...
72 month loan paid in 38.
Now to stay strong and not talk myself into an 80k replacement like I want to do lol.
Congrats.
I'd keep the paid off vehicle to past the original 72 months. It has already suffered from depreciation. Enjoy the lack of payments and put the savings toward a new car fund.
Yea... but I want a different interior and power train.
i also didn't buy "new" truck is currently about 50% what I paid and 8 years old keeping it another 3-5 years will likely see it loose even more value and then I will be buying from scratch and not have the trade-in.
The only reason to wait for me is I recognize it is a want, not a need
@Horseshoez wrote:
@Beefy1212 wrote:
@FlaDude wrote:Congrats on the payoff! Is that your only installment loan? If so, you'll lose a few FICO points in the credit mix catagory.
It was my only active, I will "lose" a few points but it won't change my credit rating and you don't really lose points, you lose bonus points. If I were to get another installment loan to preserve points I am just going to lose those points to a hp, age of credit, and possibly amounts owed in relation to starting amount anyway.
My current f8 is around 790, and auto scores around 830s so losing a few bonus points is not going to kill me.
It depends; if you have an account with the likes of PenFed or NFCU, you can open an SSL with no hard pull. Yes, you'll lose a point or two for the new account and age of credit, but I believe in most cases that is made up many times over by keeping your bonus points intact.
I'm about 14 months away from paying off my Tacoma, and were it I did not have a mortgage, I would definitely open up an SSL.
Like I said I have considered it, but again the ssl loan is going to lower my average age of credit, and take a hit on loan utilization regardless of whether I got a hp from it. Also if I am not mistaken PenFed has a new minimum payment on SSL loans. I don't have a Navy Federal account either.
loan posted today -12eq -25tu -19ex still above 760 on all my f8's. I might get 12-13 points back and that really isn't going to change my credit rating to a computer and a loan officer is just going to see you have a new loan