Should I Pay Off My Car Loan Early Credit Score

 Olivia Luz    

 

Paying off your car loan early can hurt your credit because open positive accounts have a greater impact on your credit score than closed accounts but there are other factors to consider too. That shows you can manage both kinds of credit. Paying off and closing your car loan account may not hurt your credit but keeping the account open could potentially have a bigger positive impact on your credit if you make payments on time and in full.


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On time bill payments can play a big role in determining your credit scores.

In some cases paying off your car loan early can negatively affect your credit score. In a nutshell the fico credit scoring formula the most commonly used scoring method by lenders. The best scores go to people who have installment loans such as mortgages or car loans as well as credit cards known as revolving accounts. Generally speaking when you pay off a car loan or lease your credit score will take a mild hit.

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