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Saturday, October 31, 2009

Will a paid in full Car Loan Help My Credit Score or do nothing for it??

I have 2 paid in full car loans on my credit.



I havent checked my credit lately.



I was wondering if it would help my credit score rating go up



or does it not effect it at all??



Will a paid in full Car Loan Help My Credit Score or do nothing for it??

Auto finance is what I do for a living and as long as you paid on time every month and made at least 12-payments, these loans helped your credit.



Paid as agreed car and home loans do more for building credit score then any other types of credit lines.



Will a paid in full Car Loan Help My Credit Score or do nothing for it??

It affects it greatly. I deal with auto loans on a daily basis. But... as long as you paid, and paid on time every month. If you had even a couple payments that were more than 30 days late, it will drop the score faster than it went up. Also, it depends on if you paid the loan off really early or not. Example: If you took a 60 month loan, but paid it off in 4 months, it probably did very little for you. Hope this helped!

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