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Posted in Auto Loans
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Question By
qnessad

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im looking for apartment. i hve great credit.if i pay off my car loan will that affect score.

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Top Contributor
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Paying off and closing a loan will affect your score, in a NEGATIVE way. Do some reading on that. Sometimes though, the interest saved is worth the score ding.

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46 People Helped

Be careful.

You need to look at your entire credit profile.  Do you have enough open accounts if you close your car installment?  Not having enough accounts can seriously hurt your credit.  Do you have a mortgage or other installment loan?  If not, your closed car account will hurt your credit mix.

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