Does the remaining loan balance play factor in scoring?

[Gregory1776]

I have a loan that is almost 3 years old, and just about at 50% paid off. If I paid it down to 48.9%, like credit cards will give me a boost in scoring? 

[MissLiz]

@Gregory1776  Yes

[SouthJamaica]

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@Gregory1776 wrote:

I have a loan that is almost 3 years old, and just about at 50% paid off. If I paid it down to 48.9%, like credit cards will give me a boost in scoring? 

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No. If it's your only loan, it will give you a big boost in your FICO 8's and 9's when you get to 91% paid off, but not before that.

[Thomas_Thumb]

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@Gregory1776 wrote:

I have a loan that is almost 3 years old, and just about at 50% paid off. If I paid it down to 48.9%, like credit cards will give me a boost in scoring? 

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Anticipate 0 point gain from that paydown. Age of loans is a minor scoring factor. If it's your only loan on file, reaching 3 years might add 2-5 points.

Any paydown is good. Do it and report back on score if you can isolate the paydown.