Two Car Payments left, will my score really go up?

[ezdoesit]

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@MJNTX wrote:

Hello,

Been a while since my last post and now I am happy to say I have two payments left on my car through Cap One. WHEW HEW!

But from day one I have always been told the longer you have the payments the more your score will go up. I really have not seen that.  And it really has me feeling I am not gonna see much of an increase (IF ANY) when the car is officially paid off.

I have made every payment flawlessly!  70 out of 72 payments thus far! 

So really.... Should I expect to see a boost to my scores once its done?  Or is that a fantasy?

I am asking because I got this car and committed to the long payments in an effort to rebuild credit etc and then hopefully qualify for a better car and better loan rates etc.

I have some credit cards to pay down and that will accelerate once the car note is gone. And then I plan / planned to try and get a nicer car mid year next year.

Currently all 3 scores are floating around 650 -670.  No late's, one OLD collection that only shows on one report.

Thanks for any input

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Are we missing something on your report?  You have been paying your auto payment and cc bills on time for the last 6 yrs but yet your score is still mid 600's.   Does your credit cards currently have a high util if so what %.

[MJNTX]

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@ezdoesit wrote:

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@MJNTX wrote:

Hello,

Been a while since my last post and now I am happy to say I have two payments left on my car through Cap One. WHEW HEW!

But from day one I have always been told the longer you have the payments the more your score will go up. I really have not seen that.  And it really has me feeling I am not gonna see much of an increase (IF ANY) when the car is officially paid off.

I have made every payment flawlessly!  70 out of 72 payments thus far! 

So really.... Should I expect to see a boost to my scores once its done?  Or is that a fantasy?

I am asking because I got this car and committed to the long payments in an effort to rebuild credit etc and then hopefully qualify for a better car and better loan rates etc.

I have some credit cards to pay down and that will accelerate once the car note is gone. And then I plan / planned to try and get a nicer car mid year next year.

Currently all 3 scores are floating around 650 -670.  No late's, one OLD collection that only shows on one report.

Thanks for any input

---

Are we missing something on your report?  You have been paying your auto payment and cc bills on time for the last 6 yrs but yet your score is still mid 600's.   Does your credit cards currently have a high util if so what %.

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Yes I do have a High Util..around 70%. And that will go down in a few months once I channel more funds toward that process and my plan is to not even THINK about getting another car til that is accomplished. I just still thought the car loan pay off would be a noteable acheivement on my profile. And I guess over all it still will be but only when it comes time to look at getting another car loan.

[MJNTX]

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@fittiger wrote:
Auto dealers often pull Auto-enhanced credit scores. Having paid this loan successfully will boost your Auto-enhanced score.

Depending on what your credit card debt is, say if you're using over 10% of the credit limits combined, if you pay that down, you could get a bump as much as 40-60 pts depending on what it is now and if you can really lower it.

For instance, in March I was using something like 80% of my credit card limits ( as reported to the credit bureaus). I paid all that down to about 8% and my EQ score went from 725 to 771.

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WOW. thats a great scenario, I hope to see something similar in a few months myself.  I have about 6-7 accounts to pay down and that combined with the paid car loan should hopefully get me on over the 700 mark!

[ezdoesit]

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@MJNTX wrote:

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@fittiger wrote:
Auto dealers often pull Auto-enhanced credit scores. Having paid this loan successfully will boost your Auto-enhanced score.

Depending on what your credit card debt is, say if you're using over 10% of the credit limits combined, if you pay that down, you could get a bump as much as 40-60 pts depending on what it is now and if you can really lower it.

For instance, in March I was using something like 80% of my credit card limits ( as reported to the credit bureaus). I paid all that down to about 8% and my EQ score went from 725 to 771.

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WOW. thats a great scenario, I hope to see something similar in a few months myself.  I have about 6-7 accounts to pay down and that combined with the paid car loan should hopefully get me on over the 700 mark!

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I think by next year at this time if you have your util down to 10 and under.  Your score would probably be mid 700 easily.  Not only would your util be low but also the CO would have fallen off by then.  You should get a great rate on your loan.  IMO