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funintn

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Should I pay off car loan?
I am trying to rebuild my credit. Right now my credit score is 540. The only account I have is a 3 year old car loan that I am in good standing with. I just applied for a Capital One Secured Mastercard and was approved so I'm hoping this will boost my credit score. Now my dilemma is that I have a daughter that is about to be 16 and I want to pay off my car loan in September and give her that vehicle and then purchase me a new car. I'm afraid that paying off that loan will reduce my credit score since it's the oldest account on my credit report. What should I do? Should I pay it off in Sept and take the hit? Could I apply for a new car loan while that one is still open and then pay it off right after I get approved? HELP! Any advice is much appreciated.

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