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Auto Loan Utilization For Fico Score Increase

CreditBob
Established Contributor

Auto Loan Utilization For Fico Score Increase

Has anyone had any experience that paying down the original vehicle loan by 31%, whether or not it had a Fico score increase? If not, how much would have to be paid down?

Message 1 of 6
5 REPLIES 5
SouthJamaica
Mega Contributor

Re: Auto Loan Utilization For Fico Score Increase


@CreditBob wrote:

Has anyone had any experience that paying down the original vehicle loan by 31%, whether or not it had a Fico score increase? If not, how much would have to be paid down?


If it's your only open loan, you would get a significant boost in your FICO 8 and 9 scores when the loan gets paid down to 9% of the original loan amount.


Total revolving limits 689000 (587000 reporting) FICO 8: EQ 715 TU 712 EX 695

Message 2 of 6
SouthJamaica
Mega Contributor

Re: Auto Loan Utilization For Fico Score Increase


@CreditBob wrote:

Has anyone had any experience that paying down the original vehicle loan by 31%, whether or not it had a Fico score increase? If not, how much would have to be paid down?


If it's your only open loan, you would get a significant boost in your FICO 8 and 9 scores when the loan gets paid down to 9% of the original loan amount.  If you have other open loans, you have to look at the aggregate; you would receive a boost when your open loans, in the aggregate, get down to 9%. 


Total revolving limits 689000 (587000 reporting) FICO 8: EQ 715 TU 712 EX 695

Message 3 of 6
JFox418
Regular Contributor

Re: Auto Loan Utilization For Fico Score Increase


@SouthJamaica wrote:

@CreditBob wrote:

Has anyone had any experience that paying down the original vehicle loan by 31%, whether or not it had a Fico score increase? If not, how much would have to be paid down?


If it's your only open loan, you would get a significant boost in your FICO 8 and 9 scores when the loan gets paid down to 9% of the original loan amount.  If you have other open loans, you have to look at the aggregate; you would receive a boost when your open loans, in the aggregate, get down to 9%. 


@SouthJamaica Does that include mortgages?

11.05.21 - EX 767 / EQ 774 / TU 762 %56 UTIL $43.1K CL (WIP) 
CURRENT - EX 796 / EQ 816 / TU 812 %16 UTIL $98.7K CL

Message 4 of 6
SouthJamaica
Mega Contributor

Re: Auto Loan Utilization For Fico Score Increase


@JFox418 wrote:

@SouthJamaica wrote:

@CreditBob wrote:

Has anyone had any experience that paying down the original vehicle loan by 31%, whether or not it had a Fico score increase? If not, how much would have to be paid down?


If it's your only open loan, you would get a significant boost in your FICO 8 and 9 scores when the loan gets paid down to 9% of the original loan amount.  If you have other open loans, you have to look at the aggregate; you would receive a boost when your open loans, in the aggregate, get down to 9%. 


@SouthJamaica Does that include mortgages?


Yes, aggregate installment utilization percentage includes all open installment loans, including mortgages.


Total revolving limits 689000 (587000 reporting) FICO 8: EQ 715 TU 712 EX 695

Message 5 of 6
JFox418
Regular Contributor

Re: Auto Loan Utilization For Fico Score Increase


@SouthJamaica wrote:

@JFox418 wrote:

@SouthJamaica wrote:

@CreditBob wrote:

Has anyone had any experience that paying down the original vehicle loan by 31%, whether or not it had a Fico score increase? If not, how much would have to be paid down?


If it's your only open loan, you would get a significant boost in your FICO 8 and 9 scores when the loan gets paid down to 9% of the original loan amount.  If you have other open loans, you have to look at the aggregate; you would receive a boost when your open loans, in the aggregate, get down to 9%. 


@SouthJamaica Does that include mortgages?


Yes, aggregate installment utilization percentage includes all open installment loans, including mortgages.


Gotcha, welp I won't be seeing that %9 aggregate for a looooooooong time Smiley Very Happy

11.05.21 - EX 767 / EQ 774 / TU 762 %56 UTIL $43.1K CL (WIP) 
CURRENT - EX 796 / EQ 816 / TU 812 %16 UTIL $98.7K CL

Message 6 of 6
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