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Posted in Auto Loans
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Question By
frazzledglispa

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How will old car loan affect my score?
I recently paid off my credit cards and once the payments post to my credit reports my score should go up to 710 or so. I have a car loan that was paid off 9 years ago that is still on my reports as paid satisfactorily - closed. Will that loan help or harm my auto adjusted score due to the age?
My current score is 677 with Experian, 650 with TU and 654 with EQ. The payments I made will change my utilization to about 10% and my payment history is immaculate. I haven't had a car loan since paying off my old car in 2006

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That paid off auto loan on your reports is definitely a good thing, so yes it will help your scores and more often than not auto lenders want to see prior auto loans on your report that are paid off and closed. Be aware that sometimes positive paid accounts fall off of your reports 10 years from the closed date (not all the time, sometimes they stay longer, but 10 yrs is commonly reported).

Reply by
frazzledglispa

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Terrific, thanks. I am just waiting for my remaining statements to issue and report to the bureaus, and then I will start applying fror financing. The old loan looks like it is set to drop off my report next spring, so it is good that I decided to do this now, instead of waiting a year.

Thanks for your help!

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