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Valued Member
Posts: 39
Registered: ‎03-12-2012
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6 Months with auto loan any impact on score?

Good Evening Everyone,

 

I purchased a vehicle back in February of this year. Just wondering for anyone who has purchased

a vehicle recently, did you receive any credit boost after 6 months of on time payments.  

After reading some of the posts I haven't really heard of any boost that people have received.  

 

Thanks to all who respond :smileyhappy:

Starting Score: 550's
Score: Equifax 626 TU 613 Experian 671
Lender pull 01/22/2013 Eq 641 TU 636 Exp 670
Goal Score: 720
Closed Escrow on 03/05/2013!!!
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Posts: 9,674
Registered: ‎01-28-2010
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Re: 6 Months with auto loan any impact on score?


Nella wrote:

Good Evening Everyone,

 

I purchased a vehicle back in February of this year. Just wondering for anyone who has purchased

a vehicle recently, did you receive any credit boost after 6 months of on time payments.  

After reading some of the posts I haven't really heard of any boost that people have received.  

 

Thanks to all who respond :smileyhappy:


I wouldn't expect much of a noticeable FICO gain, YMMV.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Valued Member
Posts: 39
Registered: ‎03-12-2012
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Re: 6 Months with auto loan any impact on score?

Thanks for respond Pizza Dude.

 

Starting Score: 550's
Score: Equifax 626 TU 613 Experian 671
Lender pull 01/22/2013 Eq 641 TU 636 Exp 670
Goal Score: 720
Closed Escrow on 03/05/2013!!!
Take the FICO Fitness Challenge
Established Contributor
Posts: 760
Registered: ‎02-11-2012
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Re: 6 Months with auto loan any impact on score?

I got an auto loan in March of this year. I regained my lost application points (Fico) in about  three months. There was no appreciable change as to the auto loan although my score did increase an additional couple of points at that time. As always, your mileage may vary. Enjoy your new ride!

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
Moderator Emeritus
Posts: 10,843
Registered: ‎12-30-2011
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Re: 6 Months with auto loan any impact on score?

[ Edited ]

Nella wrote:

Good Evening Everyone,

 

I purchased a vehicle back in February of this year. Just wondering for anyone who has purchased

a vehicle recently, did you receive any credit boost after 6 months of on time payments.  

After reading some of the posts I haven't really heard of any boost that people have received.  

 

Thanks to all who respond :smileyhappy:


I opened a few accounts in Dec of this past year including an auto loan: as two credit cards and one auto loan ticked over the six month mark, I got a 12 point FICO increase from the prior month, when at the same time I went from 49->61% revolving utilization.  

 

12 points regardless with a pretty ugly increase in balance (have to assume either 50 or 60% is probably a breakpoint) is pretty substantial in my opinion.

 

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 683, EQ 8 690, TU 710, EX 715 (01/01/15)
Goal Score: 700 on EQ 04 (01/01/16)


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Valued Member
Posts: 39
Registered: ‎03-12-2012
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Re: 6 Months with auto loan any impact on score?

Thanks Revelate...that's good to know.  It might have been your decrease in UTI but any little bit helps!

Starting Score: 550's
Score: Equifax 626 TU 613 Experian 671
Lender pull 01/22/2013 Eq 641 TU 636 Exp 670
Goal Score: 720
Closed Escrow on 03/05/2013!!!
Take the FICO Fitness Challenge
Moderator Emeritus
Posts: 10,843
Registered: ‎12-30-2011
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Re: 6 Months with auto loan any impact on score?


Nella wrote:

Thanks Revelate...that's good to know.  It might have been your decrease in UTI but any little bit helps!


Perhaps I wasn't clear, I got a 12 point bump even though my Util increased from 49 to 61%.  i.e. the gain probably would've been a non-trivial factor higher assuming my util had stayed flat that month since I suspect either 50 or 60% is likely a revolving boundary.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 683, EQ 8 690, TU 710, EX 715 (01/01/15)
Goal Score: 700 on EQ 04 (01/01/16)


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Valued Member
Posts: 39
Registered: ‎03-12-2012
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Re: 6 Months with auto loan any impact on score?

Got it!  So you did get a lil something, something...good to know =)

Starting Score: 550's
Score: Equifax 626 TU 613 Experian 671
Lender pull 01/22/2013 Eq 641 TU 636 Exp 670
Goal Score: 720
Closed Escrow on 03/05/2013!!!
Take the FICO Fitness Challenge

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