Is there a way to build up good credit that will help an Auto Score? I want to get an auto loan this fall, and I've never had any auto loans, or anything specific to that (positive or negative).
@righthererightnow wrote:Is there a way to build up good credit that will help an Auto Score? I want to get an auto loan this fall, and I've never had any auto loans, or anything specific to that (positive or negative).
Same rule as current credit building, beyond paying on time and never missing a payment:
Have 3+ open credit cards, only one of which reporting a small balance when we're talking instant in time optimization, and have an open installment loan, if possible at a low utilization number (current balance vs. original balance).
If you don't have any installment history, go get some and get prettier (credit-wise) via:
Method:
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...
Gory Theory:
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Installment-tradeline-utilization-thread/...
The above response should get you on the right track. Then, hopefully it will come together for you.
Thank you, both. I have two credit cards currently, both new, and I'm making all of my payments on time, with low utilization. Fingers crossed! : )