owe $9,000.00 on my truck have the money to pay it off. will it hurt my credit score if i pay in one chunk?

Answer 1

This should not hurt your score by any means... as long as...
you have other active credit still open. A great balanced credit profile will have an installment loan (like your truck payment), revolving account (such as a credit card) and a mortgage payment... all paid on time.
If the truck is the only acount you have, once it is paid off the scores will no longer have anything of activity to calcualte the scores with, and eventually your scores may just simply disappear.
Your scores are comprised primarily of what has happened over the past 2 years, so always keep something open and active. (I suggest at the least a credit card that you charge one tank of gas each month and pay off each month... always activity, never late and no interest charged!)

Answer 2

Paying off your loan early will not adversly effect your credit score. It is also unlikely that it will increase your credit score, since your score is based upon payment history & dollar value.
If you've paid "as agreed" thus far into your loan, paying it off early will have no effect. However, if you had a hicup or two along the way, it might be wise to continue making on-time payments for awhile.
Assuming your contract was a purchase & not a lease, it seems awfully foolish to throw $9000 into a depreciating asset. You'd be better advised to put that kind of money where it can make money for you.

Answer 3

No, but there could be a prepayment penalty in your loan, so check that. But usually on a car there isn't. See about dropping the comprehensive and collision insurance on your truck after you pay the loan to save even more. It won't hurt your credit score which is mostly:
*Whether you pay your bills on time and
*How much unused credit you have (credit limit above what you owe)
*Actually i forget the 3rd thing.

Answer 4

Speaking from experience, your scores increase substantially when you pay off a loan. Ask any of these people if they have paid off two "new" car loans in a single year when the first car was financed for only six months.
Contrary to popular believe, paying off balances only enhances your credit rating. Low balances on available credit is one of many criteria used to calculate your score.
My scores jumped substantially after each transaction. Two years out of bankruptcy I was a mid 550 last year, a mid 650 now

Answer 5

It would help your credit score.

Answer 6

no . the only thing that will hurt it is being late with the payments

Answer 7

actually i think it would help to have it on record that you paid a debt of that size that early