Question

[newhouse2013]

I plan on paying my car note off a few months early in May or June. Do you think that  will help or hurt my credit?

[myjourney]

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@newhouse2013 wrote:

I plan on paying my car note off a few months early in May or June. Do you think that  will help or hurt my credit?

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I think it will help your income/debt ratio will change for the positive

[Anonymous]

Auto loans are installment and have a very small piece of the FICO pie.

[bettercreditguy1]

The paid trade line will look great. What does the rest of your file look like?

[dddewdrop]

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@newhouse2013 wrote:

I plan on paying my car note off a few months early in May or June. Do you think that  will help or hurt my credit?

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 Thats a good question. It helps to have different kinds of credit ie installment loan and credit cards s o paying it off early may possibly not help your credit score. It helps you though because the loan is paid off. There is even a possibility that it may slightly lower your score.  Here is an article that may be of interest to you:

http://finance.yahoo.com/news/does-paying-off-loan-affect-140559026.html

[DaBears]

You want to have more revovling credit then Installment. Like Guiness has stated above, installments loans only affect a small piece of the Fico pie. Having a paid off installment loan will help your debt/ratio. Fico likes to see CC's with small balances and being used wisely. 

[RobertEG]

+1

Help your credit?  Probably so.

Help your credit score?  Probably minimal.

[Shogun]

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@RobertEG wrote:

+1

Help your credit?  Probably so.

Help your credit score?  Probably minimal.

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I love this answer!

[newhouse2013]

A work in progress...two unsecured credit cards in good standing (low limits, low utilization), positive student loans (about 4 old transfered SLs with lates), 7 or 8 paid collections. In the midst of GW them. Fingers crossed!

I am also thinking of opening up a secured card and putting a lot of money on it so my report can show a high limit card, do you think that will help to increase my score?

[sphinx313]

It would help your credit score MORE if your debt to income ratio was already in the crapper, but a paid good standing tradeline is a paid good standing tradeline lol. I'd take 100 of those over 1 bad tradeline any day of the week. I'd be more excited about the monthly savings and the money saved on interest. Apply this new monthly amount to other debts or maybe a third secured card to maxmize your FICO scoring potential. You're on your way.