Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
Re: Pay off majority of auto loan?..

Yes, obviously if the lender does not report to the CRA's then it won't help your FICO or credit.

 

And while having a longer payment history helps, just having obtained the loan and made payments, even if for only 3 to 6 months will help at your stage.

 

 

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549