topic Paying first car note... in Understanding FICO® Scoring

Paying first car note...

Anonymous — Thu, 26 Jul 2018 17:57:02 GMT

Has anyone seen a rise in their fico after paying the first note? How many points did it go up?

Re: Paying first car note...

Anonymous — Thu, 26 Jul 2018 18:11:23 GMT

Do you mean making the first payment on a new loan?

Or do you mean paying off your first car loan?

Re: Paying first car note...

Anonymous — Thu, 26 Jul 2018 18:16:10 GMT

Making the first payment on a car loan will not help you, though of course failing to make a payment (which would be reported as a late) will hurt you.

If a loan is very new, then it might not have appeared on your three reports at all. It's appearance on the reports can certainly alter your FICO 8 score.

If you are talking about paying off the loan completely, then that can also affect your FICO 8 score.

Re: Paying first car note...

tricie17 — Sat, 28 Jul 2018 17:01:35 GMT

Paying on Installment loans weighs on FICO scores maybe not as much as heavily as other entities of scoring and could bump your score up, and car loans are installment loan payments.