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Paying off installment loand

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girouard68
Established Member

Paying off installment loand

I m in process of selling my home. That mean home will be paid off and I'm going to payoff my slingshot loan also. I have 5 other installment loans but want to pay off a could of them. My question if I pay these loans off will my mortgage scores drop or just my fico 8 will drop. I will keep at least two installment loans on credit. Most of the loans are less than 2 years older and slingshot loan is less than 3 years. Just don't want credit score to drop by 40 or 50 points. Going to buy new house in december or January tkz

6/16/24








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ShanetheMortgageMan
Super Contributor

Re: Paying off installment loand

Understanding FICO Scoring might be a better section for this, or if @Thomas_Thumb see your post then they've been a great source of what impacts someone's mortgage FICO scores.

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