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Jan 18, 2021
5:04
:14
pm
CoastalCoug
3rd String
That has more to do with not wanting changes during the loan procedure.
At the end of the day though banks want to see that you can carry debt and are good for it. They do not get interest payments if you always pay off your loans early
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CoastalCoug
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CoastalCoug
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Mar 15, 2016
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Jun 8, 2024
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Messages
Author
Time
Does paying off your car early really hurt your credit score?
cougarfanatic
1/18/21 5:01pm
I am not sure it is about credit score as much as messing around with your cash,
crack
1/18/21 5:02pm
Anytime you payoff and close a loan (auto, credit card, whatever), the average
Manti
1/18/21 5:06pm
Why would a closed account bring an average down unless it was your longest account?
Radioactive Coug
1/18/21 5:10pm
I've literally seen this hundreds of times. It'll drop the score for a few
Manti
1/18/21 5:12pm
I believe it brings it down but I don't understand why it would be the average account life that goes down necessarily.
Radioactive Coug
1/18/21 5:19pm
Because it becomes a closed account instead of an active installment.
mulletino
1/18/21 6:25pm
That has more to do with not wanting changes during the loan procedure.
CoastalCoug
1/18/21 5:04pm
It closes out a line of credit, and number of lines of credit is one of the
benny1982
1/18/21 5:04pm
We had to pay off our car before getting our home loan. They required that ...
COACHdrn
1/18/21 5:05pm
I think the best course of action for the OP is to talk to a mortgage guy about
crack
1/18/21 5:07pm
Chase once made me close a CC
stoils
1/18/21 5:28pm
That was possibly due to debt to income ratio???
fulano
1/18/21 5:34pm
Here's the bottom line: If your credit score is 780+, it won't matter. It may
Manti
1/18/21 5:10pm
one thing that gives you help on your score is having loans where you've paid off more than 50% of your initial
HarlemCoug
1/18/21 6:16pm
Thank you for all your insights. Much appreciated.
cougarfanatic
1/18/21 6:24pm
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