Credit Cards Center Credit cards from our partners
Reply
Frequent Contributor
Posts: 436
Registered: ‎06-15-2007
0

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
0

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.
Highlighted
Moderator Emeritus
Posts: 16,385
Registered: ‎03-12-2007
0

Re: How Soon?

I wouldn't expect much!
Credit Profile - FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 27 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: TU 1


Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring World Mastercard ~ Chase Freedom Signature Visa ~ CITI Dividend World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.