Just Paid My Paid My Car Loan Off

[Anonymous]

We just paid our car loan off and by about 3 months early, does anyone have an idea as to how much that will improve my credit score if any!! Thanks

[llecs]

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@Anonymous wrote:

We just paid our car loan off and by about 3 months early, does anyone have an idea as to how much that will improve my credit score if any!! Thanks

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YMMV based on your credit profile. It really only impact you if you have no other open installment loans reporting. I paid off my last installment last year (car too) and one FICO score went up and the other down, both by single digits. (IIRC, 7 point gain on EQ and 5 point loss on TU).

[MarineVietVet]

I agree with llecs that it's hard to predict what might happen score wise. I believe though that the more important aspect of all this is that you owe one less debt and that cannot be measured.

Congratulations!