Impact of paying off my only auto loan

[Anonymous]

Will paying off an auto loan (because I'm selling the car)

  * improve my FICO score because I would have less debt, or

  * hurt my score because I would have a smaller variety of loans?

Thanks

[Creditaddict]

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@Anonymous wrote:

Will paying off an auto loan (because I'm selling the car)

  * improve my FICO score because I would have less debt, or

  * hurt my score because I would have a smaller variety of loans?

Thanks

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IMPROVE!

The positive account will remain and still report for 10 years.

I rather have a couple points loss for not having an auto loan (If it did effect negative, I doubt) then pay interest and payments each month!

[webhopper]

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@Anonymous wrote:

Will paying off an auto loan (because I'm selling the car)

  * improve my FICO score because I would have less debt, or

  * hurt my score because I would have a smaller variety of loans?

Thanks

---

Pay it off, it will improve your score from having less debt, and you don't lose that account history, it sticks with you for 10 yrs!

[pizzadude]

+1.   Paying off debt is always a good thing, although FICO weighs installment debt much less significantly than revolving debt.    I wouldn't expect any significant change in your FICO score.    Even when it is closed it will still count positively towards your mix of credit.

[Anonymous]

Thanks, everyone.