I am about the send in the payoff on an installment loan. This loan has never been reported to any of the credit bureas, but the representative told me that if I wanted, they could report it as PAID in full/PAID as agreed once I've paid it off. My question is, should I ask them to report it? How will it affect my credit score? (There are no late-pays, and if I pay it off this week, I think the age on the account--may be irrelevant since it's never been reported--would be about 18 months.) Thanks. Stephen equ. FICO 586>>607 exp. FAKO 617>>637
Congrats Shale. Sure, remind them they said they'd report to all 3. Also refer to your final payment (enclosed) and ask them to proceed with what they PROMISED.
Answering the second part of the question .... I'd guess that it would improve your score, *UNLESS* the average age of all your accounts currently on the report is significantly more than 2 years. If that were the case, the decrease in average age may drag it down. Good payment history can only ADD points.
