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Frequent Contributor
Posts: 436
Registered: ‎06-15-2007
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How Soon?

How soon before an auto loan begins to add big points to your Fico score?
Moderator Emeritus
Posts: 9,252
Registered: ‎03-19-2007
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Re: How Soon?



cfstr1 wrote:
How soon before an auto loan begins to add big points to your Fico score?





Is this your only Installment account?

Do you have a mortgage?

IMHO-
An Installment account will balance you "types of Credit"
Giving a boost.

Never- never be late-

Going to get hit by INQ, then the new account, and possibly avg account age.

It will really start helping after 6 months and helping more when the balance gets under 50%.
Frequent Contributor
Posts: 436
Registered: ‎06-15-2007
0

Re: How Soon?

I also have an installment loan with Bally's Total Fitness. No lates on any of the accounts. Just getting ready to hit the 6 month mark with my auto loan and woas wondering what type of increase I may see.
Moderator Emeritus
Posts: 16,373
Registered: ‎03-12-2007
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Re: How Soon?

I wouldn't expect much!
Credit Profile -
FICO 08 Scores (11-08-2014): EQ 818, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1

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