serenity72 wrote:
My vehicle is due to be paid of in August. Will this increase my score and if so by how much? Is it possible to get the lates deleted from my report with a vehicle lease? TY
No one can tell you for sure but I'll share my experience/observations with you. I recently finished paying a 2005 Nissan Altima lease. I also purchase a brand new 2006 Nissan Altima and refied it a couple of months afterwards. The new bank is not showing on my report yet. When I paid off the final $315 payment on the lease my True Credit FAKO scores went up by a couple of points on EX and EQ. My True Credit FAKO score actually decreased by 4 points with TU. When the $26K payoff for the 06 posted to my CR, my FAKO scores jumped by a larger number of points can't say for sure because the transaction posted on diffrent reports on different days. I didn't keep track. I observation is when you payoff large balances after carrying them awhile, they have a bigger impact on your score than if you paid them off soon. Also, if you pay them off over time, the final payment won't have a major impact if anything at all. I'm thinking the key is 6 months. I recently paid off a $25K Chase balance after having made payments for over 6 months on a BT promotion. I got the biggest bang for the buck, my actual FICO increased by 12 points.
Message Edited by crocpa on
06-30-2007 09:39 PM
