@HiLine wrote:I think my score went up by 2 points when I paid down to below 80%. But the increase could have been due to other factors. So, yes, like you guys have said, the impact is minimal. No more overpayment from now on ...
Saves on interest non-trivially by accellerating the amortization schedule.
That doesn't entirely suck, also depends how your lender records the payment... if it pushes you further out into the future by crediting it to future payments, double bonus.
ETA: Guess I didn't reply to this thread earlier, the "magic number" I've seen quoted from a moderately popular youtube is 70% current to original balance, not 80. Don't know whether this exists or not, I didn't get a bump when either of my auto loans went under this that I could find looking at the historical data on FICO 4 though my score was moving non-trivially upward for the first one pre-refi and Beacon 5.0 flatline which I've had now for two years.
@Revelate wrote:
@HiLine wrote:I think my score went up by 2 points when I paid down to below 80%. But the increase could have been due to other factors. So, yes, like you guys have said, the impact is minimal. No more overpayment from now on ...
Saves on interest non-trivially by accellerating the amortization schedule.
That doesn't entirely suck, also depends how your lender records the payment... if it pushes you further out into the future by crediting it to future payments, double bonus.
ETA: Guess I didn't reply to this thread earlier, the "magic number" I've seen quoted from a moderately popular youtube is 70% current to original balance, not 80. Don't know whether this exists or not, I didn't get a bump when either of my auto loans went under this that I could find looking at the historical data on FICO 4 though my score was moving non-trivially upward for the first one pre-refi and Beacon 5.0 flatline which I've had now for two years.
I found out that the duration of the loan has been reduced by about half a year, probably as a result of the overpayment. Though I would like the duration to be as long as possible to help me maintain excellent credit despite a short credit history, a shorter duration is definitely not the end of the world. 
I'll look out for the 70% theshold if I can remember to do that; it's not going to happen for another half a year. I may already have an 800 by then. 
I think the impact on your file was minimal because your bucket just did not allow it to be significant.
