Quick question: how did paying off an auto loan effect your credit scores with the three agencies? thank in advance everyone for the info.
I would like to know that too, since I just refinanced my car, so the old loan will show paid (hopefully not just transferred/sold, dont know if it makes much difference). I know I will be hit for the new loan.
loan payoff score question If anybody has any experience - I 'd greatly appreciate it. Considering refinancing auto loan with Generations Bank - they don't report to the cra's - so it would look like i paid off the loan. Wondering how it would effect my score?
Re: loan payoff score question I had a mortgage loan refinanced from one finance company to Countrywide. It showed as Paid Off/Refinanced. It helped my score a little. How much is beyond me since it was a few years back before my BK.
I just paid off my 1999 Rodeo in January 2002. Score change was not noticable. This was probably due to a high debt load. My highest limit credit card also has a very high balance. My overall ratios are at 30% and I have another larger car loan. I was hoping for a nice jump but it did not happen in my case. Experian was NO change and Equifax was about 8 points. I don't check TU for scores. KK
There are a million different variables that would factor into this, but I would think it would cause a small increase. What I have read, scoring models actually like you to have an installment loan open.... so who knows.
Re: How Does Loan Paid Effect Score thanx everyone for the input. i also heard that the cra's "like" installment loans, So I guess i'm just gonna keep it where it's at for now.
