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Posted in Auto Loans
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autoloanasker

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1 year into my 5 year auto loan. If I pay off the loan today would that hurt or help my score?

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Whenever you close an account you can expect your scores to decrease. So it will probably hurt your credit if you do so, but if it will save you a ton of money in the long run I might suggest doing it anyway. You can always open a small loan or add a credit card to replace it, even though that would cause a temporary score drop, but in the long run it would help. When dealing with credit building always think long term. It often takes short term damage for long term growth.

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