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Posted in Auto Loans
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crissycrissy

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paid off car loan
How long will it take for my credit score to go up since I paid off my car loan of over 7,000.00 over a month ago ?

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Paying off a Loan doesn't improve score

When a loan is closed, it will not help your score. Likely it will hurt your score, because the diversity of your accounts has changed (auto loans / mortgage / personal loans / credit cards etc).

Additionally now that that account is closed, while the payment history is still in your credit report, it is considered old news.

Credit scores are not an evaluation of ones ability to pay off their debt, they are a numberical evaluation of a persons wilingingness to get into and stay in debt.

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