taking bets: In paying off an auto and a personal loan, will my score go up or down?

[Anonymous]

Both a personal loan and my car financing will be paid off in a few months, leaving me debt free except for credit cards, which are paid in full every month.

It's a tossup between having a smaller variety  of debt instruments and having less debt period.

Opinions?

[AllZero]

I will wager one kudo for lost point(s) for no open installment loan at optimal aggregate utilization. However, you may recover said point(s) in due time.

ETA  Your EX and TU may have some top end buffer. You may not realize the total point(s) loss compared to EQ.

[Jnbmom]

Although I would never bet on "FICO" scoring I have a better shot with the ponies

If you have no other installment loans you may see a dip, but I will take finances over scoring any day of the week.

Sometimes we focus soo much on the scores and not on the financial well being, kinda sad too as I do remember my hobby with scores.

[SouthJamaica]

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@Anonymous wrote:

Both a personal loan and my car financing will be paid off in a few months, leaving me debt free except for credit cards, which are paid in full every month.

It's a tossup between having a smaller variety  of debt instruments and having less debt period.

Opinions?

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Your FICO 8's and 9's will go down.

Your FICO mortgage scores will probably go up.

[Anonymous]

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@Anonymous wrote:

Both a personal loan and my car financing will be paid off in a few months, leaving me debt free except for credit cards, which are paid in full every month.

It's a tossup between having a smaller variety  of debt instruments and having less debt period.

Opinions?

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Going from ideal almost-paid-off installment loan utilization to no open loans will probably cost you points on your Classic Fico scores.  Now, if you were paying off your revolving debt and keeping a loan open, depending on what your revolving debt looks like you could see score gains from that.