car installment loan

[Anonymous]

Hello...I just got a car loan from Chase bank. Will this help boost my scores? If so, how long before I see any changes?

Thanks  

[Anonymous]

I would say a month or 2 depending on when they report. Just keep in mind that its not going to be a 50 point jump. That part is just a matter of time. Also, if you have anything that is reported as late in the meantime, your car loan won't over ride that score.

[fused]

It's difficult to say for sure. I have seen very little change with my scores when I opened or paid off an installment account. Others have had increases and decreases with their scores. Is this the only open installment account you have? Do you have any closed installment accounts? if so, are they in good standing?

how this new account might help your scores:

- if it's your only open installment

- FICO scoring likes at least on open installment account (non-mortgage) in good standing

how this account might hurt your scores:

- new inq(s)

- a new account re-aging your reports and shortening your average-age of accounts.