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Consumer Finance Loan

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sunrise
Frequent Contributor

Consumer Finance Loan

Will paying off/closing a consumer finance loan cause our scores to tank?  I thought that having them hurt fico scores.......so, getting rid of them should help, right? 
takin' it one day at a time
Message 1 of 3
2 REPLIES 2
MidnightVoice
Super Contributor

Re: Consumer Finance Loan

It is a minor hurt and they stay on for 10 years after closing anyway!
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 2 of 3
sunrise
Frequent Contributor

Re: Consumer Finance Loan

Thanks, MV....I now know that having them hurts, but what is the outcome of closing them? (paying them off) We are making our last pymt. this week, and I don't want the scores to drop too bad when we lose the line of credit.
takin' it one day at a time
Message 3 of 3
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