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How Soon?

Frequent Contributor

How Soon?

How soon before an auto loan begins to add big points to your Fico score?
Message 1 of 4
3 REPLIES
Moderator Emeritus

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%.
Message 2 of 4
Frequent Contributor

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.
Message 3 of 4
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Moderator Emeritus

Re: How Soon?

I wouldn't expect much!
Message 4 of 4