3 years of payments made on time and my scores did not change at all. This car loan will look terrific on my reports for the next 10 years. But why couldn't I have gotten some points on my credit score after 3 years of never forgeting to make a payment. P.S. my car was reported paid off a few weeks ago, so I am not jumping the gun.
It is possible since the account already had age on it that you have already gotten the positive points associated with the tradeline. Just my opinion. There is no correct answer when it comes to FICO.
Actually, this was what I was going to post before reading DISPUTER's reply. I also believe that, as you've been paying your bill every month, you may have been gradually reaping the benefits creditwise...so finally paying it off wouldn't have necessarily resulted in a big jump in score.
There is no correct answer when it comes to FICO. DISPUTER ================= That's because FICO is the problem not the answer. The END ************************* LB 59
I took out a car loan in 2001 for $28,000. In October, 2002, the balance was $16,000. In November, I paid it off. No change in score.
Thanks all. Taking into account what Disputer said, I am sure I got credit points over the last few years for paying the loan on-time. I was under the impression that I would get additional points when the loan was paid off. I am no longer disappointed, just more educated about FICO. No more car payments. Hooray !!!!!!!
Amen to that! I finally got rid of my car payments earlier this year by selling my outrageously expensive ride. Bought a nice, reliable Honda with the proceeds and haven't looked back since. My score didn't change a bit when I sold and therefore paid off the car, but with all the money I'm saving, paying down my other debt definitely made my scores jump!
What about mortgages? When DH's ex has refinanced their joint mortgage into her name alone, and the balance of $140,000 was paid off, DH got only a 2 (!) point increase. Geez, FICO. PawMix
