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Posted in Auto Loans
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jessimrgn

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Credit Simulator
It would really be nice if the credit simulator would work with paying off car loans and mortgages. I don't have a mortgage but I do have a car loan and am planning on paying it off in the next 2 months about 8 months early do that I can start saving to buy a house. Would like to know if it would increase my score as I only have that and one credit card.

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Paying off the car note

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Probably won't have a big impact on your score. In fact it may drop some because you'll have fewer accounts reporting. 

Good credit scores are more than not owing money. its more than that. 

Total available credit vs utilization, debt to income ratio. Length of credit history and payment history all count toward you score. 

I would suggest that you may need to open additional credit cards to boost you available credit but keep that utilization low. That seems to be your next step. 

Good luck. 

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