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Fico Auto Credit Score

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Tim_S
Regular Contributor

Fico Auto Credit Score

I only have 2 credit cards right now, no car loan, no personal loans and no mortgage loan.  Is it possible to raise my Fico Auto credit score without having a car loan?

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Appleman
Valued Contributor

Re: Fico Auto Credit Score

I am not sure of what goes into the Auto score but adding a non-credit card loan with a good payment history would likely help.

 

People on the boards have mentioned getting a small secured personal loan. You are basically backing the loan with your cash. My understanding is that they then pay down the loan leaving a small percentage of the loan intact to get a payment history on. Hopefully somone who has used this technique will chime in.

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