How much does your credit score increase with excellent payment history for 8 months?
Question by jhhlawrence: How much does your credit score increase with excellent payment history for 8 months?
When I bought my car in November my credit was seriously lacking. Credit score was in the 300’s somewhere. I don’t know much about credit but I know that’s horrible and I only have myself to blame. But in the last 8 months I have paid more than my required monthly amount and have not been late once, not even into the grace period. How much will that raise my credit score? Any answeres would be greatly appreciated!
Best answer:
Answer by MadMan
Not really possible to say as there are lots of variables. You should get you credit report, for free from www.annualcreditreport.com, to check that your lender is reporting your payments to the credit bureaus.
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You may have bought your car from a “Buy here pay here” type of place.
They deal with people with bad credit.
Careful – most do not report to the credit bureaus since it costs money to do so.
Get your 3 credit reports once a year at
Annual Credit Report.com
Something tells me you have some other items on your reports that need to be taken care of. Remember, creditors can sue you later on.
Also employers check, so do landlords and car insurance companies
Take care of those reports and forget the score for a while.
It’s the reports that really matter
Probably not much at all. Installment loans build credit by making payments over time. You have to pay on a car loan for at least 12 to 18 months before it will do much for your FICO score. It takes YEARS to build good credit, not a few months. Even after 18 months, you still won’t have a great score.
Paying extra does nothing to improve your score. It will help you pay off the loan faster and thus save interest.
A credit score is based on a 12 month activity and usually goes up between 5 to 10% per providing you are paying on time. It will probably take 24/30 months of boost your score between 660/749 which is a good score.
credrepair.freeoda.com – use this service to predict how your credit score would change in future for various procedures of these payments.