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Would adding an auto loan help my scores?

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Shellie
Valued Contributor

Re: Would adding an auto loan help my scores?

The bank does not report.  I was told that upfront and accepted the loan with that understanding.

Message 11 of 16
xaiduz114
Regular Contributor

Re: Would adding an auto loan help my scores?

Bummer Smiley Sad I guess just bring your utility down to less than 10% if you can, that should save you money as well as bring up your scores. I see people suggesting letting all cards but one report zero, and that one card report 1-9% for optimal scores. I don't have personal experience with this, though. Anyways, good luck, Shellie!

Starting Score: EQ 478 | EX N/A | TU 540 - 5/2014
Current Score: EQ 475 | EX 582 | TU 589
Goal Score: 700 by 5/2015 - My Credit Rebuilding Journey!
Collections (MED): DCS Financial (4) | Columbia Collectors (1) |
Dynamic Collectors, Inc (2) | Professional Credit Services (2) |
CMRE Financial Services (1) | Total: 10
Charge-offs: IQCU (1)
Cards I'm aiming to get:
Unitus Community CU SecuredBofA Secured
Message 12 of 16
fishbjc
Senior Contributor

Re: Would adding an auto loan help my scores?

Didn't you recently purchase a house?  Smiley Indifferent

 

I would definitely refi that auto.  My loan is 1.9% with Ford.  Scores be damned, that rate is too high.

Message 13 of 16
Shellie
Valued Contributor

Re: Would adding an auto loan help my scores?

No, we don't have a mortgage.  We are renting to own.  I'm not applying for one for the next several months, maybe even next year.  I thought about refi'ing my loan but my pay off is basically the balance.  Wwould I even get out of any interest? Save money?

Message 14 of 16
fishbjc
Senior Contributor

Re: Would adding an auto loan help my scores?

Get RID of those medicals!!  Your score should take a nice jump!

 

Message 15 of 16
Shellie
Valued Contributor

Re: Would adding an auto loan help my scores?

I am currently working on that one thing we don't discuss here.  I have it all ready to go.  Just concerened about those address that I can't get removed. 

Message 16 of 16
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