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Posted in Auto Loans
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gygone

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car loan? best time/$ for fico increse
I have cash to by car. But am looking at ways to increase fico score. So if getting say a $5000 to $10,000 auto loan what would be best length of loan and amount to boost credit score? Current fico 810 goal to get over 825

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If your FICO scores already over 800? Stop doing things just for the scoring benefits, chances are it's going to have adverse effect. I wouldn't be surprised at all, when you did obtain that auto loan, your score going to drop 50 points, it's probably going to take 3 years before it gets back to 800, and as soon as you paid the loan off? Your score is going drop another 30 points. One key factor to have 800 scores is the time since your newest account. It gets pretty boring when you want to have and or to keep 800 scores.

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