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It depends on the phase of the moon when when you paid it off, the time of the month that the credit company hears about it and number of drinks the typist had had when he entered the data
matt3313 wrote:I recently paid off an auto loan with a balance of $2,200. How many points can I expect my credit score to increase? Thanks for the help in advance!
I did the same thing about a year ago and my scores went up only 3 or 4 points. Wondering if paying it over the full term is better...the reason, longer payment history. But who knows!
matt3313 wrote:I recently paid off an auto loan with a balance of $2,200. How many points can I expect my credit score to increase? Thanks for the help in advance!
@smallfry wrote:
Due to the Rule of 78's and they way car loans are amortized if you don't pay the car off early in the life of the loan you really don't save that much interest. Its a tough decision to make. Some people feel they can do better investing the money elsewhere and when you add in the history to your tradelines it might just be better to pay the loan as agreed for the life of the loan.