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Posted in Paying Your Bills
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starreynyte

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raising your credit score with a loan?
I was told that getting an auto loan and making payments until it was paid it off would help raise my credit score. I paid on my auto loan for 3 years until it was paid off and the car was mine, that was 2 years ago. I see nothing positive reported also my payment " score " is an F showing I paid almost nothing on time EVER which is not true. Was the line about making payments til it was paid off to raise my credit score a lie? Does such a thing really not help?

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So your credit report is showing late payments and that is incorrect?  If that is the case, then dispute that with the creditor and bureaus.  Send them copies of your bank statements or cancelled checks (black out the account number etc., but leave your name & address so they know it's you) to prove you always paid on time.  Wait about 45 days afterwards and check to see if the late payments are removed and how it has affected your score.

Taking out any type of loan and making ontime payments should always help your credit.  But there are a lot of things that go into calculating your credit score.  Check out the Resources/Articles section at the left menu bar to learn more about credit scores.  Good luck!

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