Question: Will Paying Off A Car Loan Help My Credit Score?

Question: Will Paying Off A Car Loan Help My Credit Score?

Once your auto loan is repaid, you could lose points on your credit score, especially if you don’t have other installment accounts.

That shows you can manage both kinds of credit.

So paying off your car loan — or paying it off early — could actually result in your score dropping a bit.

Photo in the article by “George W. Bush White House” https://georgewbush-whitehouse.archives.gov/news/releases/2006/03/20060320-7.html