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Auto Loan / Credit Score Increase

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JNQueen
New Member

Auto Loan / Credit Score Increase

Hello!  I am in the process of buying a new car, which is in transit to the dealership.  I am 20 points away from the next bracket in my credit score which is the difference of 4% APR over the life of the loan.  I made a $3000 payment towards one of my credit cards in hopes of gaining at least 20 points.  The statement closing date for this payment was June 7th, and the creditor confirmed that they report changes to the credit bureaus today, June 9th.  When can I expect to see a change in my score?  I'm cutting it really close with the dealership...

Message 1 of 12
11 REPLIES 11
SouthJamaica
Mega Contributor

Re: Auto Loan / Credit Score Increase


@JNQueen wrote:

Hello!  I am in the process of buying a new car, which is in transit to the dealership.  I am 20 points away from the next bracket in my credit score which is the difference of 4% APR over the life of the loan.  I made a $3000 payment towards one of my credit cards in hopes of gaining at least 20 points.  The statement closing date for this payment was June 7th, and the creditor confirmed that they report changes to the credit bureaus today, June 9th.  When can I expect to see a change in my score?  I'm cutting it really close with the dealership...


Your score doesn't change, only your data changes.  To find out what your current score is based on your current data you need to pull the report through a service that gets the FICO score, such as MyFICO or experian.com. Probably it will be in your reports today, but you could wait a day or two to be sure.

 

It's doubtful that a $3000 payment would get you 20 points, but I would need to know the limits and balances on that card and on your other cards to give you an opinion on what you might be able to expect.


Total revolving limits 650200 (530700 reporting) FICO 8: EQ 706 TU 714 EX 715

Message 2 of 12
JNQueen
New Member

Re: Auto Loan / Credit Score Increase

Thanks for your advice. The balance on the card was around $4800 and now it's around $1800. I did a credit simulator and it estimated a jump of 43 points. It's a simulator of course and not exact. Overall it's a 10% increase in available credit. 

I would just like to see the increase to it. So far it hasn't according to the report changes. Can a score update over the weekend?

Message 3 of 12
SouthJamaica
Mega Contributor

Re: Auto Loan / Credit Score Increase


@JNQueen wrote:

Thanks for your advice. The balance on the card was around $4800 and now it's around $1800. I did a credit simulator and it estimated a jump of 43 points. It's a simulator of course and not exact. Overall it's a 10% increase in available credit. 

I would just like to see the increase to it. So far it hasn't according to the report changes. Can a score update over the weekend?


As mentioned the scores don't update, the data updates.  But yes the data can update over the weekend and you can pull your score over the weekend.


Total revolving limits 650200 (530700 reporting) FICO 8: EQ 706 TU 714 EX 715

Message 4 of 12
RSX
Valued Contributor

Re: Auto Loan / Credit Score Increase

another way to lower the interest paid on a loan, is to make extra payments

 

you could have got the auto loan at the higher APR, and then dumped the $3k on the loan - thereby lowering the total amount of interest paid anyway

 

if you end up with the higher APR because of timing reasons, keep this in mind - make an extra $50-100 payment each month and it will all sort out when you pay it off months earlier

 

Dec 16/2019. EX. 721. EQ. 723. TU 746
Jan 25/2024 EX. 774 EQ. 751 TU 758
Inq. EX 2 EQ 3 TU 6 - - CC 2x24, 0x12
Amex BCP $35k - Apple GS $21k - BMW/Elan $19k - Cap1 QS $16.7k - Chase Amazon $13.6k - Chase Bonvoy Bountiful $10k - Chase United Club Infinite $26k - Citi CustomCash $3k - Citi DC $14.5k - CreditUnion1 $9k - DiscoverIT $31.5k - PayBoo - $15.6k - Penfed Gold - $19.3k - USB AltitudeGO -$19k- USBank Cash+ -$25k - PenFed LOC - $20k - USB LOC - $15k
Message 5 of 12
JNQueen
New Member

Re: Auto Loan / Credit Score Increase

When can I expect to see the score update then?  I assumed that a score will update once data is received. 

Message 6 of 12
JNQueen
New Member

Re: Auto Loan / Credit Score Increase

Thanks for the advice Smiley Happy

Message 7 of 12
GatorGuy
Valued Contributor

Re: Auto Loan / Credit Score Increase

If you have any Chase cards and pay them in full, they will be reported to the credit bureaus immediately.

 

In case you aren't understanding, as soon as new data is reported, your score changes. So it is all about when the data is reported.

 

Credit simulators are pure hokum. There is no science behind it. You cannot rely on them. If you posted the full details of your report you would give much better advice about to get a twenty point increase.

Message 8 of 12
JNQueen
New Member

Re: Auto Loan / Credit Score Increase

That's what I thought. Bank of America said that they report changes to bureaus on my account on the 9th of every month. I assumed that since the bureaus would receive the data, and my score would update. I've checked and the recent payment hasn't reflected on my score yet. 

here's the rundown on my cards and open balances:

 

I have 8 accounts total with total credit of $35.300.  I have $23,191.11 total balance so I'm using 65% of my available credit. 

Before I made that large payment, I was using 79%.  So it's improved by 14%.  I'm hoping that gives me the hike in credit I need to get to the next bracket. Yeah, simulators can't be trusted but it was all I had before I found this forum. 

Message 9 of 12
SouthJamaica
Mega Contributor

Re: Auto Loan / Credit Score Increase


@JNQueen wrote:

That's what I thought. Bank of America said that they report changes to bureaus on my account on the 9th of every month. I assumed that since the bureaus would receive the data, and my score would update. I've checked and the recent payment hasn't reflected on my score yet. 

here's the rundown on my cards and open balances:

 

I have 8 accounts total with total credit of $35.300.  I have $23,191.11 total balance so I'm using 65% of my available credit. 

Before I made that large payment, I was using 79%.  So it's improved by 14%.  I'm hoping that gives me the hike in credit I need to get to the next bracket. Yeah, simulators can't be trusted but it was all I had before I found this forum. 


OK Thanks. Sorry to be the bearer of ill tidings, but I don't think that payment will get you many points. Nowhere near 20.


Total revolving limits 650200 (530700 reporting) FICO 8: EQ 706 TU 714 EX 715

Message 10 of 12
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