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Posted in Auto Loans
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ginnysababe

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Regarding credit score, is it better to pay the minimum payment or a little more? Does it matter?
Referring to an auto loan.

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Paying a little more will save you money in the long run by paying it off early; however, it does not help your score. Auto loans and other personal loans help your score based on having an open account and having a perfect on-time payment history. The balance of your auto loan does not work the same way as a credit card utilization rate does.

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