Auto Loan vs savings

[Anonymous]

At what point does the auto loan help your credit score?

My DF has a auto loan, .....  It doesnt matter in regards to anything other then is there a point on loans....like with cc that if your UTL is at or below a certain %  you get a point bump???

[Anonymous]

     My understanding is that auto loans have no util.  They are counted by age of account and payment history.  This is only my understanding.  Vicki

     edit:  savings has no part in your fico score

Message Edited by greyhound2007 on 05-20-2008 11:47 AM

[haulingthescoreup]

There is util on installment loans, and you will get a ding when a car loan first hits, for instance, showing 100% util. But installment util doesn't carry very much weight. As soon as my first payment posted, the negative comment went away (to be replaced by many others, alas.)

I've seen reports that members got a bit of a bump when it went under 50% or so, but it wasn't much. If you want to pay down fast for financial reasons, that's great, but I wouldn't do so in hopes of a significant score change. HTH

And very true about savings and checking not being reported or used in calculating your FICO scores. They aren't credit.