will paying off a car loan early hurt a credit score? or chance of buying a house?
we owe about $ 12,000 on a 6 yr loan, this tax season we will get enough back to pay off our truck. we want to buy our first house this fall. i suggested to my husband that we pay off the truck this spring so we dont have alot of diff monthly payments. our truck payment is over $ 500 a month plus we have a $ 230 car payment on an additional vehicle. he thinks it will ruin his credit score if he pays the truck off. i think it will help us get a house loan because if we pay off the truck we will have more money for a monthly mortgage payment. since we have never bought a house we have no clue what lenders look at. can someone please show us the light?
we will be using a VA loan to buy the house