When will a new car loan start to increase credit score?
when I purchased my car 8 months ago I was told that it should boost my credit score if i pay it on time every month, I always pay it well in advance but have not seen an increase in my score.
Installment loans build credit history over time as you pay the monthly payment. Car loans need to be paid at least 12 to 18 months to actually increase your score.
March, 9th 2010 at 12:58 am
You should be seeing a boost anytime soon.
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March, 9th 2010 at 1:07 am
Installment loans build credit history over time as you pay the monthly payment. Car loans need to be paid at least 12 to 18 months to actually increase your score.
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BD
March, 9th 2010 at 1:52 am
Usually you start to see an increase after 6 payments have reported. See how many months have been reported on your credit report. If it is already showing 6, it should happen anytime now.
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March, 9th 2010 at 2:40 am
You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments – credit-report-free.totalh.com
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March, 9th 2010 at 3:15 am
18 months is the answer.
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http://www.ezbadcreditcarloan.com