i just paid off my car about 9 months early. But now I read on here somewhere that paying installment loans off early can hurt your score?! If so, why? I'm guessing it's because of credit mix. If so, I still have an open installment with EX and EQ For my bf's car. ( CU doesn't report to TU for some reason). All 3 cra's have closed PIF'd installment loans showing from my 2 previous cars (compass bank and vw), though the oldest one is going to age off report in the next few months.
or is this another ymmv based on what else is in your file?
I've been told by Barry that closed loans still factor into mix. Makes sense. As always YMMV. If anything there's a chance for an increase once closed because another TL reports a balance of $0.