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Posted in Auto Loans
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justthefactsmaam

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I paid off an auto loan end of May this year...will my score go up? and if so, when?

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Your score most likely got dinged from paying off the loan, closing accounts usually always results in a score drop. It will take a little time to rebound from that, but if you have no current loans or lines of credit it is not going to help you. Old credit lines do not really contribute to your current credit profile with the exception of affecting the average age of your accounts and the closed and paid account will look good under manual review, but for scoring, nothing beneficial. Make sure you have active/open tradelines in good standing to benefit your scores.

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