cancel
Showing results for 
Search instead for 
Did you mean: 

What would you do?

tag
williamd1972
Contributor

What would you do?

I decided to lease a Jeep Cherokee in 2001, and in 2004, I decide to purscashe the same vehicle for 14,000 dollars.   I have 9 payments left until my auto loan is complete paid off, my question is, should I pay off my car loan in full? And if I decide to pay off  the laon will my a score increase?   
Message 1 of 2
1 REPLY 1
Anonymous
Not applicable

Re: What would you do?

Most likely your score will not increase.  If the auto is your only installment loan you will probably lose a few points for losing the mix of credit.
 
I would however pay it off.  Saving money is more important than a FICO score...
 
Although if you are planning to buy a house in the next nine months, buy the house then pay off the loan.
Message 2 of 2
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.