topic Re: Auto Loan Utilization For Fico Score Increase in Understanding FICO® Scoring

Auto Loan Utilization For Fico Score Increase

CreditBob — Wed, 12 Jan 2022 06:49:23 GMT

Has anyone had any experience that paying down the original vehicle loan by 31%, whether or not it had a Fico score increase? If not, how much would have to be paid down?

Re: Auto Loan Utilization For Fico Score Increase

SouthJamaica — Wed, 12 Jan 2022 13:30:54 GMT

@CreditBob wrote:
Has anyone had any experience that paying down the original vehicle loan by 31%, whether or not it had a Fico score increase? If not, how much would have to be paid down?

If it's your only open loan, you would get a significant boost in your FICO 8 and 9 scores when the loan gets paid down to 9% of the original loan amount.

Re: Auto Loan Utilization For Fico Score Increase

SouthJamaica — Wed, 12 Jan 2022 13:32:15 GMT

@CreditBob wrote:
Has anyone had any experience that paying down the original vehicle loan by 31%, whether or not it had a Fico score increase? If not, how much would have to be paid down?

If it's your only open loan, you would get a significant boost in your FICO 8 and 9 scores when the loan gets paid down to 9% of the original loan amount. If you have other open loans, you have to look at the aggregate; you would receive a boost when your open loans, in the aggregate, get down to 9%.

Re: Auto Loan Utilization For Fico Score Increase

JFox418 — Wed, 12 Jan 2022 19:49:47 GMT

@SouthJamaica wrote:
@CreditBob wrote:
Has anyone had any experience that paying down the original vehicle loan by 31%, whether or not it had a Fico score increase? If not, how much would have to be paid down?
If it's your only open loan, you would get a significant boost in your FICO 8 and 9 scores when the loan gets paid down to 9% of the original loan amount. If you have other open loans, you have to look at the aggregate; you would receive a boost when your open loans, in the aggregate, get down to 9%.

@SouthJamaica Does that include mortgages?

Re: Auto Loan Utilization For Fico Score Increase

SouthJamaica — Wed, 12 Jan 2022 21:03:32 GMT

@JFox418 wrote:
@SouthJamaica wrote:
@CreditBob wrote:
Has anyone had any experience that paying down the original vehicle loan by 31%, whether or not it had a Fico score increase? If not, how much would have to be paid down?
If it's your only open loan, you would get a significant boost in your FICO 8 and 9 scores when the loan gets paid down to 9% of the original loan amount. If you have other open loans, you have to look at the aggregate; you would receive a boost when your open loans, in the aggregate, get down to 9%.
@SouthJamaica Does that include mortgages?

Yes, aggregate installment utilization percentage includes all open installment loans, including mortgages.

Re: Auto Loan Utilization For Fico Score Increase

JFox418 — Wed, 12 Jan 2022 21:24:32 GMT

@SouthJamaica wrote:
@JFox418 wrote:
@SouthJamaica wrote:
@CreditBob wrote:
Has anyone had any experience that paying down the original vehicle loan by 31%, whether or not it had a Fico score increase? If not, how much would have to be paid down?
If it's your only open loan, you would get a significant boost in your FICO 8 and 9 scores when the loan gets paid down to 9% of the original loan amount. If you have other open loans, you have to look at the aggregate; you would receive a boost when your open loans, in the aggregate, get down to 9%.
@SouthJamaica Does that include mortgages?
Yes, aggregate installment utilization percentage includes all open installment loans, including mortgages.

Gotcha, welp I won't be seeing that %9 aggregate for a looooooooong time