How will paying off my $6,000 car loan affect my credit score?

"I've saved up enough money to pay off the remaining $6,000 on my car loan.

What effect will paying off my loan have on my credit score?"

Answer provided by
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Eric Schad
Answered on Jun 07, 2021
“When you pay your loan off, it will cause your score to drop just a bit because an open loan is worth more to your credit score than a closed account. Don’t worry—this will only be temporary.
Paying off your loan early means no more monthly payments. It also demonstrates you can pay off installment loans without any issues.”
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