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While paying off half of your auto loan will certainly benefit your credit score and your ability to get a line of credit, it doesn’t have as large of an impact on your credit score as you might expect. This is because credit reporting agencies take payment history, credit utilization, age of credit history and credit card applications into account, in addition to the amount of debt owed. Still, paying off a loan at a better rate is good for your financial well-being. By signing up for WalletHub, you can identify your credit strengths and weaknesses. You can see them on your Credit Analysis page here: https://wallethub.com/home/credit-analysis.
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