6 month mark on auto loan

[jon31]

My auto loan is ready to hit the 6 month mark of on time payments. Does anyone know if I will receive an increase in score? I have the loan with Americredit which is now GM Financial?

[llecs]

---

@jon31 wrote:

My auto loan is ready to hit the 6 month mark of on time payments. Does anyone know if I will receive an increase in score? I have the loan with Americredit which is now GM Financial?

---

You won't see an increase as the payments are being made. Installment utilization is a tiny part of FICO scoring. You could, however, see gradual increases as the new credit impact of this TL slowly fades away, provided you don't add any new accounts. I've found that I've lost an average of 20-25 per new account (YMMV on your credit of course). I've found that most of those points have returned within 6 months and the remaining by a year.

[RobertEG]

+1

The main impact in aging is in AAoA. A six month increase in AAoA is hardly noticeable.

The one area where I think it might be more significant is in the new credit category, where FICO apparently dings a bit for new accts under one year.

But that is only a small part of a 10% scoring category.