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Posted in Auto Loans
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Alf0311

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I plan on paying off 2 auto loans...here's the scenario
I have 2 auto loans I plan to pay off by Q3, one has been opened since 2012 and the other since 2013. Other than that, I have many credit lines and good history. I have an excellent score and I plan on retaining it, but I am afraid that by paying off these loans I will be out of luck thereafter trying to apply for anything else; if the need arises. Will my score drop dramatically and is there a simulator available anywhere that can give me an answer to this scenario?

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Your score should drop that much.  It will add to your good credit history, but it will damage your utilization.  I had a credit score of 749 and the only debts I had were credit cards (no mortgage or auto).  I have an auto loan now and my score is 779.  I'm assuming when I pay it off, my score will probably go back down to about 749 again, but it is still a good score.  You can go to www.credit.about.com and/or bankrate.com and check for score simulators (I've heard the one on this site sucks).  Best of luck!

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