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Posted in Auto Loans
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MoneyMakerMandy

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I pay my car off at the end of this month. How will my credit be affected?
My car loan is my biggest debt. Paying it off decreases my debt to income ratio almost by half. How will this affect my credit score? I know it'll look great but does someone have an experience they can share with a significant rise in their score? Or did it stay the same?

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It will most likely decrease. Do some reading and you will find that when you pay off and close loans scores usually drop because you are closing lines of credit.

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