three to go

[williamd1972]

I HAVE THREE payments left on my 2004, 60 month- car loan, when I pay off this loan in april,  will I hurt my score? 

[Anonymous]

No.

Car payments are not revolving lines of credit.

Your score may go "up" as your DTI changes to you having more income.

Assuming all other things stay the same your score will definately not drop.

[llecs]

Actually OP, your score could drop a little if you are lacking other installment accounts (other car loans, SLs, mortgage, etc.). You'd lack the mix of credit, which is only being factored in if the loan were still open. If there is a drop, it would be very minimal (single digits) and I certainly wouldn't worry about it. I

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usmc58555 wrote:

No.

Car payments are not revolving lines of credit.

Your score may go "up" as your DTI changes to you having more income.

Assuming all other things stay the same your score will definately not drop.

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DTI isn't factored into a FICO score because FICO doesn't know how much you earn.

[Anonymous]

I miss-spoke:

We all know that overall credit score is not the only factor in getting  a loan or an approval.

I stand by the fact that paying off the loan would compensate for any minimal score drop by freeing up monthly income on a future credit line or installment the OP would try to enter in, assuming that he kept existing lines well excercised and current, he would be found more credit worthy and likely to get his loan.

Message Edited by usmc58555 on 02-19-2009 06:45 AM