auto loans that use transunion
i just finished paying off an auto loan….it was almost $2000…will this affect my credit score?
actually it was at first a signature loan for about $500 but than while paying for it we got another $1500 loan but had to use my car as collateral so all together was nearly 2000….they added the two and turned it into a auto loan…..it was suppose to be a 2 year loan but i just paid it off in 15 months….so now that account is closed…i was wondering if this will lower my fico score since i have a closed account now…the $500 signature loan was closed out and added to the auto loan at first too….what else can i do to improve my credit? ive been paying on time for my capital 1 credit card and macy charge account….but both is just a little over a year old….and capital is only 300 limit and macy is 100….both will not increase my credit limit….where can i apply at that checks transunion and is easy to approve me?
Auto finance is what I do for a living and as usual most people here don’t know what they are talking about.
While 90% of credit scores are based on the last 24-months of history it’s not required to make all 24 payments to raise your score.
As long as people make between 12-18 payments as agreed your fine and paying it off 9 months early did not hurt your score it helped.
This is all based on assuming that whoever you had the loan with actually reported to the credit bureaus.
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