How Long Does It Take For An Auto Loan in Good Standing To Boost Your FICO?

[redpuppydog]

New to this board, just joined. Looking to improve FICOs as much as possible by summer or fall to refinance mortgage. When we pulled our 3B report we were surprised to find that an auto loan we took out in Dec 2017 has not been reported on any of the 3 credit bureaus. The vehicle was financed through Nissan Finance. I have been making all payments on time (1 year) as they are automatically debit from my bank account. I called Nissan Finance and they said they have been reporting it monthly to all 3 credit bureaus yet they don't show up. While we work to get that corrected, I am wondering once this auto loans shows up on my credit it will already have been a year old with perfect payments. Will it initially hurt my scores when it finally gets added to my CB reports or will the fact that it's already a year old and has a perfect payment history boost my scores?

[ridgebackpilot]

Welcome to myFICO! Odd that your CR doesn't show that auto loan. Do you own the car jointly or by yourself? Did you use the same name when you purchased the vehicle? (I go by my middle name; some of my accounts list my middle name and some use my full name).

When they get that corrected, it shouldn't hurt your report. In fact, adding an installment loan might cause your scores to increase somewhat due to greater diversity of credit products in your portfolio.

[redpuppydog]

Thank you for responding to my question.

The car was financed in my name and my business LLC name. I added my business because it was only a year and a half old and had no credit history. But, the loan was based on my personal income and credit. Nissan told me they would report it to Experian Business and to my personal credit. It has not shown up on either my personal credit or my business credit. I called Nissan and they said they have been reporting it monthly to both my personal credit and the business. I called the credit bureaus and they said they have no record of it. I'm in the process of sending a copy of the contract and a printout of my payment history with account number etc to each of the three credit bureaus so they can investigate it from their end and add it. I was very shocked to find out this whole past year it had not been showing up on my report. The enquiries when I was car shoppnig showed up. So looks like I was shopping for a car but wasn't approved.