Will paying off my car improve my credit score?
I’ve had the car for 5 years. Refinanced once and no late payments. I’ve got the money to cover the payoff amount but wondering will it improve my score or hurt it?
I’ve had the car for 5 years. Refinanced once and no late payments. I’ve got the money to cover the payoff amount but wondering will it improve my score or hurt it?
It can possible hurt your score depending upon your credit mix.
See https://www.experian.com/blogs/ask-experian/does-paying-off-a-car-loan-early-hurt-your-credit/
See also https://www.bankrate.com/finance/debt/pay-off-truck-or-credit-card-debt.aspx
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