We've had our RV on consignment for a little over 2 years now, and finally have a sale in process.
Should everything go through, this loan will obviously be paid in full. The original loan balance was almost $50K, and the current is around $22K. I'm wondering if I might see a score bump due to this?
The important piece is getting out of the $546.00/month payment, but any score bump would be an added bonus 
Thanks
K
@krielly wrote:We've had our RV on consignment for a little over 2 years now, and finally have a sale in process.
Should everything go through, this loan will obviously be paid in full. The original loan balance was over $50K, and the current is around $22K. I'm wondering if I might see a score bump due to this?
The important piece is getting out of the $546.00/month payment, but any score bump would be an added bonus
Thanks
K
Would need to know if you have any other open installment loans. If not, your score will take a hit, rather than experience a bump.
If you do have one or more others, let us know the original balance(s) and the current balance(s), and we'll be able to predict what happens to your score when the RV loan gets paid off.
@Anonymous wrote:We can't answer your question without knowing whether you have any other open installment loans and if so what they are. Without knowing the details, the answer is that the payoff could hurt your score or it could help it.
Here what we'd need:
Loan 1. Balance currently owed = ________. Original amount of loan = _________.
Loan 2. Balance currently owed = ________. Original amount of loan = _________.
Loan 3. Balance currently owed = ________. Original amount of loan = _________.
etc.
Let us know for each loan whether it is a car loan, a mortgage, a personal loan, a student loan, a finance company account, etc.
Wow CGID, you even supply forms
@Anonymous wrote:Yeah, I know. :-)
It's just that, having been through this a dozen times before, my experience is that if I show somebody exactly what they need to say, it will save me time later. Otherwise they often leave stuff out. As you will know, we need all of that, otherwise it's just pure guesswork as to what might or might not happen after the payoff.
Maybe I should get you to help me with my taxes
@SouthJamaica wrote:Maybe I should get you to help me with my taxes
Sure. If you want to be wearing an orange jumpsuit in a year, that's a GREAT idea. :-)
@Anonymous wrote:
@SouthJamaica wrote:Maybe I should get you to help me with my taxes
Sure. If you want to be wearing an orange jumpsuit in a year, that's a GREAT idea. :-)
Sounds good to me. I'm not very fashionable.
@Anonymous wrote:OP, if this is your only open installment loan your scores will drop, not increase. If you have other installment loans, depending on overall installment loan utilization I would think that paying down > $20k could result in an increase.
CGID & SJ, don't you think certain topics on here that we address almost on a daily basis at this point should be stickies? I feel like certain topics such as this one, 1 card reporting a small balance, CK vs FICO scores, etc. are so commonly discussed that there should perhaps be a thread that goes over them. It would be cool if the mods allowed us to all give input on a "The Top 10 Most Commonly Asked Topics" type thread where we could compile some info all into one place that would address a vast majority of the concerns that are posted about on the forums.
OP, I'm in no way suggesting that you shouldn't have asked your question so please don't take it as such... it's just that I had this thought as I was reading your thread so my question to CGID and SJ just happened to end up being posed here rather than elsewhere.
I don't really feel that way, because I don't find the site to be so easily searchable.