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Posted in Auto Loans
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kmr0714

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Car Loan Pay off
My car was totaled out due to some severe storms. I was valued $5500 over what I owed, so I have a great down payment for a new car. Problem? My credit score isn't the greatest. Will insurance paying off the remaining $12,700 improve my credit score and when will I see a positive uptick in my score?

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It should help because it drastically reduces your utilization (you owed some percentage of the loan and now owe 0%). It will take a least one month to affect your score.

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