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Posted in Auto Loans
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henry1975

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Car loan payed off but still on there I have papers

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Auto finance is one of the items on your credit report which stays on your report longer than the normal 7 years.   This is for reference for future auto finance as auto finance companies give higher scoring factor to previous car loan activities.    While it won't count against or for your credit once its paid off and when it is reported as paid within the 7 years, you will find a little deduction accompanies the closing of the account.  

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Paying it off doesn't make it disappear.  If you had read the articles on this site (Credit Karma is about credit education) you would have already known that credit accounts remain a part of your credit history for at least 7 years after pay-off.

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