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Posted in Auto Loans
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Question By
puchako21

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How long will my paid auto loan stay on my report? It seems to be effecting my open accounts.
Why is it still registering on my report and including it in my active accounts?which i think negatively effects my credit rating.

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You have a valid question and one which does not appear to be answered straightforward on this or other sites.  Routinely, the magic number is supposed to be 7 years, although I have one on mine for 10 years.   As long as its a positive for payments and it has been paid off, it is not hurting your credit report.  In fact, the more accounts you have reflected are better.   Per my research, those with the highest scores have 20 or more accounts.  To move into the excellent area for accounts, it would take 20 or more.  Thus, as long as its a positive report, I'd not be concerned with it and let it ride as long as possible.

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You apparently have not read the articles here or you would know exactly how credit works.  After all, that teaching goal is the expressed purpose of Credit Karma. So read and learn so you can benefit for the rest of your life.  The auto loan must remain part of your credit history for 7 years.

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