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Posted in Auto Loans
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Question By
Dcka1

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0 People Helped
How long after you pay an account off does it change on credit karma
Paid off a car two weeks ago, account in good standing when will this show on my credit report

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23 People Helped

Auto Loan

Helpful to 23 out of 29 people

Why is it that I paid off my auto loan balance of $68,000 and my scored dropped 15 points?

Reply by
katpao

7 Contributions
56 People Helped
Helpful to 8 out of 10 people

Because the people who created the credit bureau, are the same people who profit off the interest on your loans and credit cards. Naturally, they have created the system to ensure that you are continally indebted to them. Needless to say, you need to take out another loan or get yourself some more credit cards!

1 Contribution
21 People Helped

student loan

Helpful to 21 out of 31 people

My student loan has been paid off over 7 years ago and its still on my credit

1 Contribution
40 People Helped

auto loan paid off

Helpful to 40 out of 56 people

I just made my last auto payment.  I have never been late on my car payment.  How many points will this add to my credit score.

Top Contributor

Reply by
ddaug4uf

110 Contributions
106 People Helped
Helpful to 15 out of 30 people

Unfortunately, the act of making the last payment will not have any impact on your credit score. You have accrued a significant amount of positive already just by making the payments on time and now this will show up on your report for several more years with no way to make a negative impact. It is also an established account that will impact your average age of open credit lines for years to come. 

How is your score right now? There may be some other steps to take to build on this that will increase your score.

2 Contributions
9 People Helped

Paying off auto loan can lower score

Helpful to 6 out of 8 people

Creditors like to see a variety of types of credit: mortgage, car loan, student loans, credit cards, etc. Unfortunately, when you pay off a car loan it can narrow your credit mix and therefore lower your score. Very unfair, but that's the case as I understand it.

1 Contribution
2 People Helped

Helpful to 2 out of 2 people

Paying the loan off helps your debt-to-income ratio, which will help you when applying for another loan. Paying a loan on time is what boosts your actual score, as I understand it.

1 Contribution
26 People Helped

auto loan

Helpful to 26 out of 37 people

i have paid  my truck loan off last month and credit karma has not taken it off my credit score yet how long befor it disapears from my report ?

Reply by
tlr318

1 Contribution
0 People Helped
Helpful to 0 out of 1 people

Same thing happened to me😡😡😡😡😡

Reply by
joplinlady

1 Contribution
4 People Helped
Helpful to 4 out of 10 people

EnI paid off 2 vechiles in the past 6 months their still on our report. And I paid off an account in 2012 4 years ago and it is still on my credit

2 Contributions
9 People Helped

Paying off auto loan can lower score

Helpful to 3 out of 4 people

Creditors like to see a variety of types of credit: mortgage, car loan, student loans, credit cards, etc. Unfortunately, when you pay off a car loan it can narrow your credit mix and therefore lower your score. Very unfair, but that's the case as I understand it.

1 Contribution
3 People Helped

Same question.

Helpful to 3 out of 4 people

I have auto loan paid off nearly 2 months ago but it is negatively affecting my main CREDIT Score,  but the odd thing is....it made my  payment history Excellent....Does anybody know the reasoning for this ? I thank anyone in advance if anybody  can give me the piece of mind I cannot figure out.:

Reply by
katpao

7 Contributions
56 People Helped
Helpful to 2 out of 2 people

The reasoning is, like I told the other person; the people who created the credit bureau are the same people that profit off the interest you pay on loans and credit cards. They have worked it out so that you must continually be indebted to them, or your score will suffer.

1 Contribution
16 People Helped

paid off loan, still showing here

Helpful to 16 out of 26 people

Paid off my BMW motorcycle loan almost two months ago and it's still showing over $7000 balance here.  I'm worried this may affect my chances of getting another vehicle load next month.  Who can I contact to get this removed?

Reply by
EJOE44

1 Contribution
19 People Helped
Helpful to 19 out of 24 people

your financing company have not reported your payments I think you should contact your financial company and let them know that you have no record of your payment in your credit report

Reply by
mamaj1985

2 Contributions
14 People Helped
Helpful to 11 out of 16 people

Call the place who had the loan and notify them that it still shows a balance on your credit report. They might help

1 Contribution
10 People Helped

paid car loan

Helpful to 10 out of 15 people

I know I finished paying my car loan in November and the only change I see in my report on creditkarma is that it no longer shows as an open account under auto loans. 

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