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I often see people saying that an auto loan helps with your credit score..Is it because you are approved for a larger amount than your normal credit card can give you when rebuilding or is it that making payments an an auto loan is basically raising your score more than a payment on a credit card does? Is it worth more points or something?
I don't technically need a new vehicle but mine is getting a little older and would probably benefit me to put money into a new car payment than to repair an older car. I was just wondering.
thanks
I wouldn't purchase a vehicle for the purpose of raising scores.
thanks for the info! but does it actually increase your score because it is an auto loan? do the payments have more points value?
I actually do have my last auto loan still showing on my credit report but the car was paid off in December 2007 or 2006..does that auto loan have any effect on my score since it is paid off..? it should show a mix or doesnt' it?