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Governors Pardon
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<blockquote data-quote="Pokinfun" data-source="post: 2945105" data-attributes="member: 28113"><p>I don't think your score does go down if you pay early, in fact it has no effect on your score at all. the fact is, you have to have an open line of credit to have a high score. Your utilization rate of your available credit defines about 1/3 of your score. Therefore, if you pay off a loan your score goes down because you closed a line of credit. Therefore, if you pay off your new camper your score would go down, but if you opened a new credit card the same day with a higher limit than you had your camper financed for, but did not charge on it, your score would go up.</p><p>We have about 5 different types of cards (30-40K in credit)we never use, unless we get a discount for using them. We pay them off as soon as a charge is made. They make our score higher, just for having them open.</p></blockquote><p></p>
[QUOTE="Pokinfun, post: 2945105, member: 28113"] I don't think your score does go down if you pay early, in fact it has no effect on your score at all. the fact is, you have to have an open line of credit to have a high score. Your utilization rate of your available credit defines about 1/3 of your score. Therefore, if you pay off a loan your score goes down because you closed a line of credit. Therefore, if you pay off your new camper your score would go down, but if you opened a new credit card the same day with a higher limit than you had your camper financed for, but did not charge on it, your score would go up. We have about 5 different types of cards (30-40K in credit)we never use, unless we get a discount for using them. We pay them off as soon as a charge is made. They make our score higher, just for having them open. [/QUOTE]
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