I just recently paid off all my credit card bills from college and my score is fairly low since I was in between jobs and was late paying on most of the cards. I do not want another credit card ever. I do have an auto loan that is paid on time every month out of my paycheck, but will that be enough to raise my score? Or will I have to eventually get another card to pay off each month?
2006-12-21 03:26:51 · 7 answers · asked by chaotic_dreaming 2 in Business & Finance ➔ Credit
First -- Congratulations on getting the credit cards off your back. DO NOT get another credit card just to do something for your credit report. That is just dirty hogwash.
Time will heal the credit report. Just continue to do as you are now doing.
One recommendation: Listen to Dave Ramsey's radio show for encouragement.
2006-12-21 03:43:22 · answer #1 · answered by Jeff H 5 · 0⤊ 0⤋
You should take a look at the options you can find at: HTTP://CREDIT.SAVEFINDER.NET
RE Will having just an auto loan on my credit report help raise my score?
I just recently paid off all my credit card bills from college and my score is fairly low since I was in between jobs and was late paying on most of the cards. I do not want another credit card ever. I do have an auto loan that is paid on time every month out of my paycheck, but will that be enough to raise my score? Or will I have to eventually get another card to pay off each month?
2014-09-13 19:48:29 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Auto loans help tremendously if you have two years of consistent payments. They actually help you out more than a morgage on a house would.
Why?
You can buy a car and default on a loan by running away to Mexico. You can't do that with a house. They always know where to find the house.
Two years of solid payments can jump your score up by as much as 200 points if everything else is in order.
2006-12-21 03:33:58 · answer #3 · answered by uncletoon2005 3 · 0⤊ 0⤋
One thing that counts towards your score is the types of credit you have had. So reliably making reoccurring payments on time for a car loan (new or used) would eventually make a creditor more confident that you would make payments for other credit or a home loan than if you only had credit cards.
2016-05-23 05:18:49 · answer #4 · answered by Anonymous · 0⤊ 0⤋
An installment loan will help SOME, but revolving is more highly weighted. Don't you hate that! The reason being (I think) is it requires discipline to manage a credit card. You will need that if you want to improve your FICO score, just try not to use it.
2006-12-21 03:35:40 · answer #5 · answered by Kevin K 3 · 0⤊ 0⤋
not at all - but paying it off on time will ( as will the payment history after you reach the halfway point or so )
2006-12-21 03:29:10 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Try https://tr.im/1gbPJ
2016-07-19 13:46:16 · answer #7 · answered by Anonymous · 0⤊ 0⤋
no
2006-12-21 03:33:57 · answer #8 · answered by aaron_esq 3 · 0⤊ 1⤋