Paying off Auto Loans

[Anonymous]

I was wondering if paying off both my auto loans would boost my credit scores. My credit scores are as follows:

TU= 687

EQ= 669

EX= 681

I am looking to get to the 700 mountain and was wondering if paying off my car loans would put me over the top. I only owe approximately $6,000.00 left on both loans. I have 1 credit card with a zero balance and a mortgage that I haven't been late on in 10 months. I have come a long way trying to get my credit back to a respectable number. I finally feel in control of my future. Any responses would be greatly appreciated.

[Anonymous]

Are the auto loans your only open installment loans?

[Anonymous]

yes...but I'm am looking to open up a home equity line of credit.

[smallfry]

You are already getting max points for installments due to having a mortgage on your reports. Paying off the car loans probably won't save you that much money due to the fact that they get their interest upfront. It might or might not help you in getting money from your house. You will take a hit opening an equity line of credit. Paying off the cars will most certainly not get you over 700 FICO.

Message Edited by smallfry on 01-18-2009 10:28 AM