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car loan pay off

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steve k
Guest

Subject: car loan pay off

Mon Jan 04, 2010 1:12 am

I payed 35k for my car i owe 5k if i pay it off will this help my fico?
also i was late 3 times on the payments.

thank you steve

fireyone

Joined: 26 Feb 2008
fireyone's page
Posts: 4285

127 Magic Points

Mon Jan 04, 2010 1:16 am

Hello Steve and welcome to credit magic forum, If you pay your car off now it would be fine.You have already established a repayment history by paying off the other amount. The late payments certainly do not help your score but it also depends on how old they are. How many years have you been paying on this loan? If it has been quite a few then a couple lates will do much damage .

steve k
Guest

Subject: car loan pay off

Mon Jan 04, 2010 1:24 am

the lates where two years ago. the loan was 5 years, and how long will it show up that it was payed? and will it raise my fico?

thank you fireyone

fireyone

Joined: 26 Feb 2008
fireyone's page
Posts: 4285

127 Magic Points

Mon Jan 04, 2010 1:29 am

The lates were long enough ago they really should not be effecting your score much at all. A loan that was taken out and paid on for five years really establishes a long payment history. I believe positive lines of credit stay on your report for ten years. It also shoudl raise your FICO.

debranewell2008

Joined: 10 Oct 2009
debranewell2008's page
Posts: 594

99 Magic Points

Mon Jan 04, 2010 3:06 am

I believe you should be fine as long as it has been two years since the payments were late. As far as how long a paid off loan stays on your credit report is hard to say. I have had one that has been listed for 17 years. I believe as long as they are positive they must stay on there to show a good payment history.

James Orr

Joined: 07 Jun 2009
JamesOrr's page
Posts: 54
Location: Maharashtra

298 Magic Points

Mon Jan 04, 2010 3:44 pm

As you say you have already behind for 3 due payments. Absolutely it has damaged your credit score. Now if you paying 5K on time it will recover some damage.

Thanks & Regards.
James Orr

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