Reply
Senior Contributor
BearsAndTurtlesRtheBest
Posts: 3,552
Registered: ‎10-02-2012
0

QUESTION ON AUTO LOANS

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

$1,000$600
EX FICO---, EQ FICO---, TU FICO 603, Gardening Since 10-05-14
Moderator
pizzadude
Posts: 9,674
Registered: ‎01-28-2010
0

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
Senior Contributor
BearsAndTurtlesRtheBest
Posts: 3,552
Registered: ‎10-02-2012
0

Re: QUESTION ON AUTO LOANS

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

$1,000$600
EX FICO---, EQ FICO---, TU FICO 603, Gardening Since 10-05-14
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

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! :smileyhappy: Last App: 4/5/13 Gardening until July 2014

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}