I'm posting this question again (didn't get response last itme around) - in the hopes that someone might have some info - regarding auto refi. How much would my score go up if i paid off my auto loan? got an offer from generations bank to refi my auto loan - and they do not report to any cra. If i took them up on their offer - it would appear as though my auto loan has been paid off. how much do scores usually go up after pay off? orig loan ammount: 16K payoff amount approx 10K thanx in advance for any info on the matter.
I did exactly that with Generations. My score went up by about 20-30 points over all three reports after the installment loan reported paid in full. But I also was adding new revolving credit like crazy (10 new CC accounts since October, but NO new debt) and reducing utilization - so I can't honestly say what made my score rise. I would guess the dramtically decreased utilization. I went from 20K in total CC credit to over 56K. It took the 8th new account appearing before my credit score dropped for "too many recently opened accounts" and "too many inquiries".
