Will paying my current auto loan off increase my credit score?

I will be done paying off my car the summer of 2008, once it's paid off, will my credit score increase.

Will paying my current auto loan off increase my credit score?
Ahhh, heres the tricky thing....


Before you leap and pay it off, call them and ask if there is a penalty for early pay off and if they report negatively to the credit scorers!


Some will report negatively cause you did not pay the loan off according to the terms of the contract, others don't, so it's always best to check.


Another route you may wish to take is to pay extra each month, but not so much as to pay it off early, then what they report is that you pay more then the minimum due, this will raise your score as well, and it works on credit cards too.








(I am assuming you were thinking of an early pay off.)
Reply:Yes, a fully paid installment loan will definitely increase your credit score.
Reply:Yes as long as you continue to make payments on time then your score will improve
Reply:To find out specifically what you must do to raise your score, you can order your score report from all three national credit bureaus. In addition to your score%26lt;!--you'll get your credit report, an indication of how your score ranks nationally and an explanation of how you can boost your standing.





http://badcredits.awardspace.com/credits...





In order to improve your credit score, it's important to know where you stand currently. Despite all the media attention given to free credit reports--%26gt;you still have to pay to find out your credit score, the three-digit number ranging from 300 to 850 that is the key to your borrowing costs.
Reply:Yes as long as you didn't have any late payments.
Reply:yes