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Posted in Auto Loans
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beththebuilder

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We are just about to be paid in full on our car loan, How will this affect our credit score?

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When you pay of the car loan, you will see a drop in your credit score.  This is because the account will be marked as paid and closed.  You no longer have this credit line to manage and as a result there will be a reduction in your score.  The amount of the decrease will be determined by your current score, number of accounts and age of the accounts.

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