Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Auto Loans
Profile Image

Question By
ArtieHastings

0 Contributions
0 People Helped
How will paying off an auto loan affect my credit?
If I pay my auto loan off early will that be a good thing for my credit, I only need my score to get about 50 points higher to get approved for a home loan and was wondering if i pay off my auto if that will be good or bad plus I know it will drop my income to debt ratio.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
7816 Contributions
1468 People Helped

Paying off the loan will most likely cause DAMAGE to your credit as that is what typically happens. Paying it down can help your scores, but DO NOT pay it off. Take some time to do some reading about this and look for other ways that you can optimize your scores, but trust me, paying this off would be a mistake for you.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.