New loan or fix current loan

Anonymous · ‎06-08-2020

Would it be better to get a new auto loan and start fresh or keep the current auto loan and keep working on on time payment history

(current loan was showing late for around 24 months but is now current and has been for 3 months)

RSX · ‎06-08-2020

Not a lot of details here, but based on what you posted, I would say keep paying down the existing loan

your score and lates won't likely get you a new loan anyway

and lates don't drop from your record when you close a loan - they will remain regardless

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

rckstrscott · ‎06-08-2020

@Anonymous wrote:
Would it be better to get a new auto loan and start fresh or keep the current auto loan and keep working on on time payment history

(current loan was showing late for around 24 months but is now current and has been for 3 months)

The only way this would help your credit score would be if the 24 months of lates were removed via the entire tradeline being removed which would be hard get.

Also; with your current score you would have to weigh if you could even get a new loan with a lower interest than you currently have.

-scott

Starting FICO Score: October 2010: TU 498 | EQ: 502
Current FICO Scores:: May 2022: TU: 784 | EQ: 770 | EX: 790