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Loan Payoff Amount Percentage?

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iamsliderman
Member
‎10-10-2015 10:28 AM
‎10-10-2015 10:28 AM

Loan Payoff Amount Percentage?

I read somewhere that once you pay down a certain percentage of your auto loan you'll receive a bump in your credit score.  Is there any truth to this?  Does anyone know what the percentage paid down from the total loan amount is?

As of 10/01/15:
EQ FICO: 700 | TU FICO: 678 | EX FICO: 697
Goal Score: 740

Edward Jones World MC $10k | Citi Dbl Csh MC $4.9k | CapOne QS Visa $7k | Amex TE $4.5k | Amex BCE $12k | Discover IT $1.6k | Home Depot $5k | Bealls $900

Next Goal: Qualify for a Mortgage.
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StartingOver10
Moderator Emerita
‎10-10-2015 11:02 AM
‎10-10-2015 11:02 AM

Re: Loan Payoff Amount Percentage?

Revelate has an excellent thread on installment loans and their score impact based on his own datapoints (and a few others chimed in). Here is the thread, it is located at Understanding FICO scoring. This thread should help you gage the impact of your installment loan paydown and its FICO score boost

 

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Installment-tradeline-utilization-thread/...

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iamsliderman
Member
‎10-17-2015 05:01 AM
‎10-17-2015 05:01 AM

Re: Loan Payoff Amount Percentage?

Thank you.

As of 10/01/15:
EQ FICO: 700 | TU FICO: 678 | EX FICO: 697
Goal Score: 740

Edward Jones World MC $10k | Citi Dbl Csh MC $4.9k | CapOne QS Visa $7k | Amex TE $4.5k | Amex BCE $12k | Discover IT $1.6k | Home Depot $5k | Bealls $900

Next Goal: Qualify for a Mortgage.
Message 3 of 3
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