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Jan 18, 2021
5:12
:29
pm
Manti
All-American
I've literally seen this hundreds of times. It'll drop the score for a few
months but be right back where it was fairly soon.
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Manti
Previous username
MantiCoug
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Manti
Joined
Nov 11, 2002
Last login
May 6, 2024
Total posts
62,573 (21,760 FO)
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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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