How will paying off an auto help with credit?
Posted by | Posted in Credit Help | Posted on 05-07-2010-05-2008
4
After 3 years car was paid for. How does this help my credit? Will my credit score increase?
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Installment loans build your credit while the payments are made over time. Paying off the car won’t give your score any extra boost. Those on time installment payments are already in your score.
While it is true that paying off the car loan will improve your debt to income ratio, debt to income is NOT part of your score. Employers do not report income to the credit bureaus.
A credit score is based on a 12 month activity. It usually goes up between 5 to 10% per month so if you paid on time, you should have a high credit score.
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