@Anonymous wrote:
I have a question for all you nice people. My auto loan just reported my first payment as being on time and the score went up 7 on TU and 13 on EQ. As I pay this on time over the next few months will this continue to show improvement or will this pretty much be the only increase I get.
An installment loan adds to your mix of credit and can increase your FICO scores. This is a good thing. As you pay down the loan and as the loan ages there will be additional score improvements, but they will be very minor and most likely lost in the other minor variations that occur from report to report.
