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volkswagen4life

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Credit score skyrocketed initially but now stays the same?
Got a car loan in March, only loan account no credit cards. My score initially went up very fast in the first few months and is now at 635, however it has stayed at 635 for the past three months. When can I expect another increase?
Note- Payments are all on time

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The faster you pay the principal of your car loan, the more movement you will see on your credit score.  UNTIL you pay it off and then you will get a nice decrease in your score as the loan is not active.  You could get a credit card and manage those monthly payments.  You'll get a drop in your score when you open it, although as you keep your utilization down and make timely payments over 6 months you'll see a steady increase in your score.   As you would have two types of credit (installment and credit card) that will give you a little bump as well.

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If you haven't read the articles on this site, which is here to teach how credit works and how to build one's credit score, then I suggest you take the time to do so. It is valuable information you will use the rest of your life. One loan account will not result in credit score increases as I learned.  Now I have a very good credit score because I learned about credit and acted on that information.

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