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re: Does your credit score drop if you pay off a car early?
Posted on 6/27/17 at 4:29 pm to JS87
Posted on 6/27/17 at 4:29 pm to JS87
I don’t believe it affects mortgage scores since you get points for having any installment account on your report including closed ones.
It could drop your Fico 08 score depending on whether you have another active installment loan or not. Not having any active installment load could drop your Fico 08 score by 20-30 points. I have no idea on the new Fico 09.
The easiest way to increase your scores I to focus on credit card debt and to lower credit card utilization as low as possible while letting 1 card report $5 or less.
It could drop your Fico 08 score depending on whether you have another active installment loan or not. Not having any active installment load could drop your Fico 08 score by 20-30 points. I have no idea on the new Fico 09.
The easiest way to increase your scores I to focus on credit card debt and to lower credit card utilization as low as possible while letting 1 card report $5 or less.
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