That's a nice score increase. Does the term stay the same? I mean the length of the loan?
Goal Scores: 700 across all three
Nice score increase indeed. Did you track your TU4 or EQ5 score?
Let us know how EX8 and EX2 reacts.
Good information. Thanks.
From a scoring perspective only, you may want to pay down the MTG a bit before paying off your auto since it will help lower your aggregate installment UTL%. The word is not much is gained until you get below 9%.
I have a similar situation where my auto loan is paid through late 2022 and is sitting at 3.6%, well at 5.55% until it reports soon. Interest rate is low so interest is minimal each month. I've been milking it while I get my MTG UTL% down as it will be my only Installment. My personal goal is getting it down to 74% as I was able to achieve 850's when my aggregate was 74%. No real need just doing it to play with the system 
But I support getting rid of debt so paying it off is a great thing.
Once your MTG hits and you pay off the auto loan and hit's as closed, let us know what happens with your scores. I'm curious.
@randomguy1 wrote:Car note went from 68.9% to 8.9% on a dirty file. Did not report on Experian yet. Reported on EQ\TU. Will update EX score later.
Mortgage scores did not move as expected. Only installment loan on file (auto loan).
FICO 8
EQ went up 26 pts, TU went up 18 pts.
Balance updated 7/31/2020 on TU/EQ. Took until this morning to hit the credit bureaus.
Mortgage scores are not impacted as much as FICO 8's by installment utilization. Often there is no impact at all.
@SouthJamaica wrote:
@randomguy1 wrote:Car note went from 68.9% to 8.9% on a dirty file. Did not report on Experian yet. Reported on EQ\TU. Will update EX score later.
Mortgage scores did not move as expected. Only installment loan on file (auto loan).
FICO 8
EQ went up 26 pts, TU went up 18 pts.
Balance updated 7/31/2020 on TU/EQ. Took until this morning to hit the credit bureaus.
Mortgage scores are not impacted as much as FICO 8's by installment utilization. Often there is no impact at all.
Yes, "as expected." I found that out from the other thread you told me.
@Trudy wrote:Good information. Thanks.
From a scoring perspective only, you may want to pay down the MTG a bit before paying off your auto since it will help lower your aggregate installment UTL%. The word is not much is gained until you get below 9%.
I have a similar situation where my auto loan is paid through late 2022 and is sitting at 3.6%, well at 5.55% until it reports soon. Interest rate is low so interest is minimal each month. I've been milking it while I get my MTG UTL% down as it will be my only Installment. My personal goal is getting it down to 74% as I was able to achieve 850's when my aggregate was 74%. No real need just doing it to play with the system
But I support getting rid of debt so paying it off is a great thing.
Once your MTG hits and you pay off the auto loan and hit's as closed, let us know what happens with your scores. I'm curious.
Not sure there is any real point to that one, the mortgage in my experience will obliterate the installment utilization metric anyway and then as near as I can tell you need to get down to around 66% aggregate to get any benefit, and on a dirty file (my old data) this was a handful of points (<10). I recently got zero as near as I could tell going from nearly 100% down to 69.3%, would have been nice to have gotten a little more but the timing and finances didn't work out.
While I expect to just let my own auto loan ride at $20 or whatever till the term is close to expiring (USBank allows similar to Alliant as far as their loans go) the scoring benefit of this is basically minimal, but I'm just hedging on future credit changes where I suspect my mortgage utilization may swing wildly in a few years and maybe it might help. Maybe .
Nice to see the dirty file mortgage score findings confirmed though, pretty sure it changes between dirty and clean scorecards as I got an installment reason code on a clean file that I never had on dirty file which would explain SJ's different findings.
@Revelate wrote:
@Trudy wrote:Good information. Thanks.
From a scoring perspective only, you may want to pay down the MTG a bit before paying off your auto since it will help lower your aggregate installment UTL%. The word is not much is gained until you get below 9%.
I have a similar situation where my auto loan is paid through late 2022 and is sitting at 3.6%, well at 5.55% until it reports soon. Interest rate is low so interest is minimal each month. I've been milking it while I get my MTG UTL% down as it will be my only Installment. My personal goal is getting it down to 74% as I was able to achieve 850's when my aggregate was 74%. No real need just doing it to play with the system
But I support getting rid of debt so paying it off is a great thing.
Once your MTG hits and you pay off the auto loan and hit's as closed, let us know what happens with your scores. I'm curious.
Not sure there is any real point to that one, the mortgage in my experience will obliterate the installment utilization metric anyway and then as near as I can tell you need to get down to around 66% aggregate to get any benefit, and on a dirty file (my old data) this was a handful of points (<10). I recently got zero as near as I could tell going from nearly 100% down to 69.3%, would have been nice to have gotten a little more but the timing and finances didn't work out.
While I expect to just let my own auto loan ride at $20 or whatever till the term is close to expiring (USBank allows similar to Alliant as far as their loans go) the scoring benefit of this is basically minimal, but I'm just hedging on future credit changes where I suspect my mortgage utilization may swing wildly in a few years and maybe it might help. Maybe
Nice to see the dirty file mortgage score findings confirmed though, pretty sure it changes between dirty and clean scorecards as I got an installment reason code on a clean file that I never had on dirty file which would explain SJ's different findings.
That's an absolute great point. I will pay it down to $20 just in case.
p.s. My Experian did not update yet. Balance reported 7/31 so should update on Experian any day now.
An additional side note for additional data points, I think I'm getting an AU penalty of the balance at zero on both EX/TU. That reports tomorrow and should update in a few days for some additional points. Pretty sure it dropped my FICO 8 on EX/TU and I suspect it dropped my mortgage scores too. Due to the timing of the mortgage pulls and other moving factors, I can't say for sure. I won't have another EX mortgage score until 8/14 and won't have another TU mortgage score until 9/3. For the TU mortgage score, 2 scorable inquiries are falling off dropping off so that an additional factor.