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QUESTION ON AUTO LOANS

Senior Contributor

QUESTION ON AUTO LOANS

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

Banking with CBofTV, BofH, and BBVA. All three are free checking accounts.
First Premier CC $500
Chapter 7 BK Discharged on 7/11/16
Equifax, Experian, Transunion, and ChexSystem are FROZEN.
Gardening Since 10/25/2017
3 REPLIES
Super Contributor

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

Re: QUESTION ON AUTO LOANS

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

Banking with CBofTV, BofH, and BBVA. All three are free checking accounts.
First Premier CC $500
Chapter 7 BK Discharged on 7/11/16
Equifax, Experian, Transunion, and ChexSystem are FROZEN.
Gardening Since 10/25/2017
Valued Contributor

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