I just payed off my car loan early. Anyone know by how many points this will increase my credit score?

Answer 1

It will not be of any benefit because on time and paid early both read paying as agreed on a credit report. You might get a little boost now that the account was paid off in good terms but not because you paid it early. (Miss one payment though and expect a big negative hit).

Answer 2

Sorry to say, it depends on a lot of factors.
To make it simple if your score is 720 and those with 720s pay car loans on time and generally pay them off early then you doing what is average, so it will have very little effect on your score. By the way this may surprise you, but the 1/2 of all car loans are paid off before the 28th month.
Paying off debt will generally raise scores, so just a guess 5- 20 points.

Answer 3

It depends on your debt to income ratio. If the car loan was a high percentage of your total debt? Then your score will go up several points. Should be in the range of 25-50. If on the other hand, your car loan was a small percent of your total debt? Your score will still go up but not near as much. It also depends on how long the loan was open. If you paid it off to early? It might actually hurt you in the future.