
Does paying off my car loan help my credit score? I have heard that paying my car off can help raise my score and others have told me that it really doesn't help that much.
The satisfaction of paying off your car loan can create some incredible emotion, but you will not see a direct impact on your actual credit score.
Where you will see the reward is indirectly through your payment history. Since 35 percent of your credit score is derived from your payment history, how diligently you paid your loan on time, means more than paying it off....