Dirt Bike Loan

[Flying_High]

Hello I have taken out a Dirt Bike Loan to help my credit its the only loan I have besides 6 credit cards the loan right now for the bike is at 2,367.11 been paying it since Nov 2012, if I do the monthly payments of $80 it will be paid off on 11/15/2015 3 Years total, but my whole plan is to pay it off in Nov of 2013 it will make it a 1 Year of none late payments .. will that affect my credit score?

[JM-AM]

Installment loans do not have a big impact on scores unless it is a mortgage.

It is possible you may lose points once its paid off. Your mix of credit will end which is part of the scoring process.

But some have noted a small increase. So YMMV depending on whats on your reports at that time.

[Flying_High]

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@JM-AM wrote:
Installment loans do not have a big impact on scores unless it is a mortgage.

It is possible you may lose points once its paid off. Your mix of credit will end which is part of the scoring process.

But some have noted a small increase. So YMMV depending on whats on your reports at that time.

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Ok thank you so much

[Barris]

Paying ahead of term usually gives you a small score boost. I can vouche for that.

[Flying_High]

So your saying by paying the full terms will give me a bigger score boost?

[Shogun]

Pay it off early, save  yourself some money in interest.  The account will sit there for 10 years from the date it was paid off and add to your AAoA.