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re: Does your credit score drop if you pay off a car early?
Posted on 6/27/17 at 10:04 am to JS87
Posted on 6/27/17 at 10:04 am to JS87
Probably not. But, your credit would be relatively higher if you were to keep paying the note.
So it shouldn't drop, but paying on time will increase it over time.
If buying a home, do it before pre approval or you will have to wait over a month after close if you don't want problems with the bank.
I would suggest using whatever funds you are using to pay off car to put down on house, if it helps you avoid PMI. Just a random thought.
So it shouldn't drop, but paying on time will increase it over time.
If buying a home, do it before pre approval or you will have to wait over a month after close if you don't want problems with the bank.
I would suggest using whatever funds you are using to pay off car to put down on house, if it helps you avoid PMI. Just a random thought.
Posted on 6/28/17 at 9:16 pm to OceanMan
quote:
If buying a home, do it before pre approval or you will have to wait over a month after close if you don't want problems with the bank.
Not necessarily true. I was still on my construction loan and about to finish my house and convert to a permanent loan. I asked my loan officer if I could go ahead a buy a car before the house was done or should I wait. She said it was fine. I asked a second time, are you sure, she said go ahead so I did and had no issues.
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