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Should I pay off my car loan to build more credit if my score is 810?
"I have the money to pay off a car, but I've read that keeping the loan is better for your credit overtime.
My credit score is 810.
What's the best decision I can make?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“While paying off your car loan can drop your score temporarily (because you’ll have fewer outstanding loans), it’s probably a good move in the long run.
You won’t have to pay extra interest. You’ll also save the money you would have paid toward the loan every month.
Conversely, keeping the loan can help keep your credit score up. However, this really isn’t as big of a bonus unless you’re planning on making another large purchase, such as a home.
Because you already have a great credit score, you should probably go ahead and pay off the loan. It shouldn’t hurt your credit that much.”
View full answer
- Gregory R.
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