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Closed Car Loan

The last post in this topic was posted 2738 days ago. 

 

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Hi, I recently payed off a car loan it was less then $3000. I was never late on payments as it reflects on my credit report. 3 weeks ago it was paid off by me, the dealer mention it will be marked as paid in full, and closed will this hurt my score?

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No.

 

When it falls off your report, there may be a small ding (but probably won't be), but that's 10 years from now. Closed accounts still factor into your real AAOA; as with all things credit, I'm sure someone will have an instance where it negatively effected them. Chances are though, it may be 5 points or something irrelevant.

Edited by Chupacabras

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