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Posted in Auto Loans
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OnjRaynee

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if I am approved for another auto loan and pay that on time, will that boost my credit score?
I have a closed auto loan (not paid off ) on my credit report. if I am approved for another auto loan and pay that on time each month will that boost my credit score? Will paying off that delinquent auto loan stop my credit score from decreasing? Can I reopen that auto loan if it were 14 months ago? Please answer all my questions. Please I really need help! !

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Top Contributor
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You already have a delinquent loan?

Letting any loan go delinquent is going to seriously hurt your credit score and likely prevent you from getting another loan until you clear up the past-due debts.  And the late payments are going to be reported on your reports for at least 7 years longer.  Loans are granted on a one-time basis.  The only "re-opening" might come if you could refinance.....which you are not likely to get due to the delinquency you already reported having.  You HAVE to make all loan payments on time as agreed in order to have a chance for your credit score to go up.  For more information on how credit works and what you must do to improve yours, please read the articles on this site.  That information is the primary reason for Credit Karma.

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