Question for the experts: Leased an Acura today and they bought/paid off my Honda Civic installment loan. What effect on score does paid off loan - and new car lease - have on cras? thanks in advance for any info. Your faithful servant Mark LA
I did this same thing in June except I purchased, not leased a car. The payoff had no affect on my score and neither did the new loan.
My loan just got reported as paid off and my new loan isn't reporting yet. No change in my score at all, though.
Re: Loan Payoff Car Lease Score eff thanx lkh, austin guy Kind of strange with the cras I would have thought that a paid off loan would be worth a chunk of points actually my reason number 4 (which means it's the least important) on Experian for why my score isn't higher (was 712 - fell to 709 after Acura checked it for the lease) is "presence of an installment loan." what's up with that - if it doesn't make a difference in your score?
