paid it off

[Anonymous]

I just paid off an auto loan today in an effort to improve my DTI so that I can prequalify for a mortgage. It was the 12th payment of a 30 month loan and was always paid on time. Can I expect an increase or decrease in my fico score? 

[llecs]

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rentmecheap wrote:
Can I expect an increase or decrease in my fico score? 

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Great question. It can go either way....plus or minus in the single digits. Any score change would occur if this is your last open installment account (mortgage included).

I just paid off my last installment loan (we rent). Out of curiosity, I pulled my 2 FICO scores right before they reported an updated balance and pulled immediately after. The loan went from a $5k balance on an org. $25k loan to $0. My EQ FICO increased by 7 points if I recall. My TU FICO dropped 5 points. Any point change would depend on your mix of credit and also your overall payment history (the scoring bucket you are in comes into play).

[Anonymous]

it is my last open installment loan. I have another car loan opened in may 07, this one was opened in may 08(the one that was paid off). I have no mortgage loan  but do have 3 cc's. UTIL @ 6% 

The original loan amount was 8k , as of today 0

The older loan, original loan amount 15,900 currently owe a little under 9k.