Paying Off Car Loan and HOW It Affects Your Credit Score

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What Exactly IS a FICO Score? Lenders depend on them every day, but do you know what it is about a FICO score that really matters? What Does a FICO SCORE Consist Of? 35% - Payment History 30% - Amounts Owed 15% - Length of Credit History 10% - New Credit 10% - Types of Credit How Do I IMPROVE My Credit Score? Here are some tips on how to help improve your FICO score. What If I Had to File For Bankruptcy? Bankruptcy on your credit report? Tips on how to help improve your FICO score. The Benefits of a FICO Score There are many benefits to FICO scores that you should know of. What a FICO Score Does NOT Consider Credit reports contain a LOT of information about us. How Do I Correct Any ERRORS Found On My Credit Report? Sometimes companies can make mistakes which can be reflected on your credit report. About Free Credit Reports Some information about what types of free credit reports are available to individuals. Do Know Your Credit RIGHTS? There are many things credit reports could possibly report, but we have rights. What You Must Know About IDENTITY THEFT Identity theft happens every day. Learn dome tips on how to protect yourself.		Paying Off Car Loan and HOW It Affects Your Credit Score If a person decides to pay off their car loan or any personal loans early, it should reflect in your credit in a more positive manner as, for one, it shows you owe LESS overall. By owing less overall you have more opportunity if you would like to borrow more funds. Maybe the car loan company shows a large payment as many, many different payments made? Some car loans actually do this where if you pay $5,000 and your payment is $500/month, it shows as 10 payments made and the next due date is 10 months down the road on your statement. These are just ideas and you may want to speak with the lender for more information.
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