Paying Off My Car

[mangas]

Should I pay off my car or would it be better for my credit to make payments?

[lithium630]

Your question leads to other questions (with different answers)- Did your lender report your timely payments to the credit repair agencies (trans union, Equifax, Exerian). Some "buy here, pay here" dealerships don't report.- Did you think about refinancing your car loan?! Smaller payments made on time is better than one or few lump sum payments- the debt to equity ratio. How much debt do you owe vs how much net worth are you? Worry about this if you're about to get a mortgage. If you're just renting, you should just make ontime payments.Do you have a visa/mc. You should make small transactions and make those payments in full and ontime.

[chane]

It depends on how many accounts you have open and how much positive history is reporting on your credit file.

Making timely payments is always better for your credit rating than paying it off and closing the account, esspecially if you don't have much positive history. But, if you have plenty of history, it probably wouldn't affect your score that much. If you don't it will probably affect it much more.