Paying car loan payments in advance?

[varhalla]

I'm in a situation where I'm trying to increase my credit score relatively quickly, and was told I might be able to pay my bank my truck note for August, September, October, and November and it will report to credit companies that those months have been paid, making it look like I've paid on the truck longer and boosting my score, even if it's just a little. Does anyone have any experience with this? Thanks.

[StartingOver10]

You won't receive a score boost much at all, if any, for paying your car loan in advance.

Where you get the largest score boost is paying down your revolving balances on each credit card to zero except for one card and make sure the balance reports less than 10% of the credit limit.

Prepaying your car payment won't help at all.

[HoldingOntoHope]

And in actuality they will not report for the months ahead anyway. What they will do is decrease the balance owed on your next reporting period. Until those months come across you will not see the green OK on your credit reports. I know with Capital One by making payments ahead of schedule when I got my monthly billing statement it would say you owe 0.00 for this month and next payment is due xx/xx 20xx with the date reflecting how far in advance I was paid up.

[Luscher]

i paid my lease until the end of the year. now my next payment is 1/25/14 but idk if it has an impact on my score yet

[maiden_girl]

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@StartingOver10 wrote:

You won't receive a score boost much at all, if any, for paying your car loan in advance.

Where you get the largest score boost is paying down your revolving balances on each credit card to zero except for one card and make sure the balance reports less than 10% of the credit limit.

Prepaying your car payment won't help at all.

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+1

UTL plays a big factor in your credit report.