Wednesday, May 26, 2010

Just paid off my car loan. What now? Will my rating go up?

Your credit rating should go up because you don't have an outstanding debt anymore and also because you have been paying it regularly (without defaulting hopefully), they will know that can pay off your debts and this will make it easier for you to get credit, if you want to take out another credit agreement.



Just paid off my car loan. What now? Will my rating go up?

Yep.



Just paid off my car loan. What now? Will my rating go up?

it should if you made the monthly payments on time.



Just paid off my car loan. What now? Will my rating go up?

As the loan balance was always decreasing , the last payment shouldn't affect your FICO too much .



Your rating is your debt to income ratio , but a protracted period of low debt , good income will improve your score.



Just paid off my car loan. What now? Will my rating go up?

yes as long as the payments were made on time



Just paid off my car loan. What now? Will my rating go up?

My credit score went up about 40 points last years after I paid my car off. Pretty nice, no more car payment and a higher credit score!!!



Just paid off my car loan. What now? Will my rating go up?

if you made all your payments on time it should go up



Just paid off my car loan. What now? Will my rating go up?

you usurer



Just paid off my car loan. What now? Will my rating go up?

I believe everyone already answered your question on credit. The best thing you can do now is keep your vehicle, and put the car payment you used to pay in the bank. When you are ready to purchase another vehicle, you can either pay cash or you can put down a big down payment. Bottom line, for every month you don't have a auto payment, you can put that money somewhere else, hopefully in savings or in paying off other debt. Good luck!



Just paid off my car loan. What now? Will my rating go up?

yes



Just paid off my car loan. What now? Will my rating go up?

What now? -it's time to buy ANOTHER car on borrowed money. This is the reality of life, my friend.

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