Auto Loans

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Established Contributor
BearsAndTurtlesRtheBest
Posts: 1,045
Registered: ‎10-02-2012

QUESTION ON AUTO LOANS

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‎01-19-2013 04:55 PM

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

Im a 18 yr old in high school with no annual income that loves learning new things about credit. I pulled my FIRST Experian Score from Quizzle.com (on 2-9-13). Quizzle.com was the only site that was able to find my credit report, the rest required more information in order to do so since I lack public records. I'll update on the cards I am currently as an AU because some haven't reported yet. I don't own any cards under my name since I don't have an annual income to include when applying. Im super EXCITED!! MyFico.com is awesome!!!
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pizzadude
Posts: 6,193
Registered: ‎01-28-2010

Re: QUESTION ON AUTO LOANS

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‎01-19-2013 06:30 PM

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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Established Contributor
BearsAndTurtlesRtheBest
Posts: 1,045
Registered: ‎10-02-2012

Re: QUESTION ON AUTO LOANS

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‎01-19-2013 08:39 PM

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

Im a 18 yr old in high school with no annual income that loves learning new things about credit. I pulled my FIRST Experian Score from Quizzle.com (on 2-9-13). Quizzle.com was the only site that was able to find my credit report, the rest required more information in order to do so since I lack public records. I'll update on the cards I am currently as an AU because some haven't reported yet. I don't own any cards under my name since I don't have an annual income to include when applying. Im super EXCITED!! MyFico.com is awesome!!!
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MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: QUESTION ON AUTO LOANS

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‎01-20-2013 01:35 PM

+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
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