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Paying off a Car Loan. Will it raise my score?


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I have a car loan that I took out. It was a 24 payment loan, but I will be paying it off on the 6th payment. Will that increase my fico?

After paying off a car loan, has anyone's score increased, or stayed the same?

Just paying on time should have a positive effect on your score. Credit scores are not really a pat on the back for doing the right thing. It's more about avoiding doing the wrong things. The less negative information, the higher your score should go.

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It may cause your FICO Bank Card score (the "sucker" score) to rise because you'll have more available money to give to the CC companies. It will probably increase your FICO New Car score because you paid off a car. It will have no effect on your FICO Mortgage score.

Thanks.

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