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Posted in Auto Loans
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ajbrody

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Will paying off 1 of 2 of my car loans positively effect my credit?
I have 2 car loans. If I pay one off, will it positively effect my credit score or will it adversely effect it being that I wont have as many open lines of credit standing?

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Everytime you close an account it is damaging, but the degree of damage will vary. Since you have another installment loan it may not hurt that bad. Unless you would save a ton of money by paying it off early, I would pay the  loan down but not off, that would be the best action for scoring purposes.

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