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Posted in Auto Loans
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Tbk90

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I want to pay off my auto loan. How much will my score drop?
40 months left on my loan. Credit score at an 805.

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It depends on how many other open accounts will be left on your credit reports. If you only have a couple, it may hurt, if you have several other open accounts, may not be too bad. It is way to hard to even guess what will happen, but it sounds like you could save some decent money on interest and have some great satisfaction of getting the loan paid off, I say go for it and don't worry about scores. Don't forget to check your FICO scores too, now and then.

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Paying off an Auto Loan will not help your Credit Score go up as ou are closing a Line of Credit.    You will more likely see a dip for a period of months and then it might come back to where it is.   It will take months for that to happen.  

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