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Posted in Auto Loans
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Dontrell5

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s? And how much will my credit score increase if I just pay the vehicle off?
I have a credit score of 500. I just recently got a car the loan is for 5500.... I can pay off the car by the end of the year. How many points my credit score should go up after a few months? And how much will it increase if I just pay the vehicle off?

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It would make your scores DECREASE not increase when you close the loan. Please understand that paying off loans is not something that you get rewarded for by scoring systems. I know that this doesn't sound right, but it is how it works. You build and maintain credit by having open loans with good information being reported every month, when you close accounts you lose the good info being reported every month. Please study all of this as there is a lot to know when it comes to credit.

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