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Frequent Contributor
cfstr1
Posts: 436
Registered: ‎06-15-2007

How Soon?

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

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
cfstr1
Posts: 436
Registered: ‎06-15-2007

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
fused
Posts: 16,256
Registered: ‎03-12-2007

Re: How Soon?

I wouldn't expect much!
Credit Cards:
Amex BCP 25K ~ Amex Clear 25K ~ Amex Platinum NPSL ~ Chase Freedom Visa 19.3K ~ CITI Dividend World Mastercard 20.3K ~ FIA Fidelity Investments Platinum Plus Visa 40K ~ First Hawaiian Bank Gold Visa 10K

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