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Auto Loan Paid off/New Lease- how to increse score by Janurary.

New Member

Auto Loan Paid off/New Lease- how to increse score by Janurary.



I had recently traded in a financed vehicle that had negative equity and absorbed it into a lease. 3 weeks later, I realized I hate the vehicle I leased and would like to get rid of it for another lease. Understanding that I will be upside down again – I am preparing to make a down payment of 12-15K to cover the negative equity of my new lease in Jan.


I have a few questions.

Now that the previous auto loan of 39K has been paid off in full – will I most likely see an increase in my credit score even though I opened a new auto loan with a balance of 58K?


I have a prefect payment history, no lates or any baddies. I make 110K a year. However, I do not hold an open credit cards or revolving accounts such as a personal loan.


I wanted to know if there is anything I can do to increase my score quickly by January? I saw an advertisement where someone was selling tradelines for 90 days- would this be a good idea to help me get a better rate when I apply for another lease in Jan?


I have seen some people post in the forums that the Navy Federal Secured Card has increased their score on average 15-25 points per month. – I was also considering this as an option as well.


Any insight would be greatly appreciated. Please do not tell me, I should keep the vehicle until the 3-year lease term is up to save money as that is not an option I am willing to consider. I am simply trying to figure out if my score will increase by the most recent auto loan that has been paid off, and the best way to increase my score as quickly as possible, if that’s even possible.


Thank you in advance.

New Contributor

Re: Auto Loan Paid off/New Lease- how to increse score by Janurary.

A credit card is a revolving account. A personal loan is an installment account.

If all you have is a car loan you should add some credit cards. The best scoring set up is three cards and an installment loan.
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