credit score gurus: advice needed

[Prong]

Quick question: I have a few store cards and one credit card. All are kept current, never late on the payments. I also have a vehicle loan (installment). Should I pay it off now, or string it out? I've heard that keeping a mix of accounts (revolving and installment) is a good thing for the old credit score. Is there much truth to that?

Edit: I've had the credit card for about 6 years, and the store cards for about 4 years. I paid off my student loans last December, so I'm unsure how long those will be on file for. I don't like owing people money, therefore I tend to keep the number of accounts manageable. My score as of May was 785.

 

[labgeek]

With the many factors that goes into the scoring, a black and white answer is pretty hard to give. But it sounds like there's not a lot of credit history in your file so I would suspect it showing a paid off loan, and the lower total debt would be a good thing. A couple of primary areas that affect score are likelyhood to have the debt repaid and ability to repay. Paying it off would help in both of those areas. Someone who has paid off loans in the past is likely to again in the future. And less total debt means more income that could go to new debt.

 

[George P Burdell]

Pay the monthly installments if the interest isn't costing you a great deal. I was told it helps your credit score in the long run. YMMV