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Posted in Auto Loans
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girlsofusa

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What would happen to my score if I paid off my car loan?
I have had this loan for about 3 or 4 years (I can't remember anymore, lol) and I am finally able to pay it off completely, which I only owe about $1,190. And this loan is through a bank. How would paying it off affect my score? Would it lower it or raise it?

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Top Contributor
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No idea.  It depends on your credit profile.  It depends on whether or not this is your only installment.  If it is, you'd probably see a bit of a drop from paying it off as you were getting a benefit from having it open.

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