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QUESTION ON AUTO LOANS

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BearsAndTurtlesRtheBest
Senior Contributor
‎01-19-2013 04:55 PM
‎01-19-2013 04:55 PM

QUESTION ON AUTO LOANS

so does paying in full an auto loan help credit at all? Will it boost scores if done so?

Discover IT $2,600- First Premier MasterCard $1,000- Dillards Store Card $300- Fingerhut Advantage $200
Chapter 7 BK Dischagred on 07/11/16. Gardening Since 01/17/2019
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pizzadude
Credit Mentor
‎01-19-2013 06:30 PM
‎01-19-2013 06:30 PM

Re: QUESTION ON AUTO LOANS

No ~ paying off installment loans like auto or mortgages won't boost your FICO® score. Installment loan utilization is part of your score but is much, much less significant than revolving utilization.
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
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BearsAndTurtlesRtheBest
Senior Contributor
‎01-19-2013 08:39 PM
‎01-19-2013 08:39 PM

Re: QUESTION ON AUTO LOANS

well that stinks! thanks for explaining @pizzadude hahha COOL NAME

Discover IT $2,600- First Premier MasterCard $1,000- Dillards Store Card $300- Fingerhut Advantage $200
Chapter 7 BK Dischagred on 07/11/16. Gardening Since 01/17/2019
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MovingForward_2012
Valued Contributor
‎01-20-2013 01:35 PM
‎01-20-2013 01:35 PM

Re: QUESTION ON AUTO LOANS

+1, it is best to pay them off over time to build good payment history.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
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