Does anyone know how many points my credit score will go up by a car payment on time?
Answer:
As for what the first poster said about you pulling your own credit, that is not true. If "you" pull your credit it will not drop your scores, if you apply for credit, then you will see a score drop.
Paying on time will "eventually" raise your scores, but it won't happen quickly. You would have to create a history of on time payments.
Depending on your scores, if they are near 600 or higher, you might think about applying for another credit card or two. You will see a ding from the application, but if you are approved it will help raise your scores.
I'm not saying apply and buy. If you get approved, use the card for a low limit purchase, stick it in a drawer and pay in full when you get the statement. Do that about every 6 months. You can buy a hamburger at McDonalds or something inexpensive like that.
If you get another card or two, your scores should start raising in 4 to 6 months. As long as you keep everything paid and keep a low utilization on your accounts.
Don't keep pulling it!! Everytime you pull it - it costs you 5 points!! Wait 3-6 months and check it again, I am SURE you will see it go up!!
Credit doesn't just go by making your payments on time. You seem to have a good mix of credit (one aspect), your debt-to-credit ratio is another factor. There's also the amount of time you're had credit. Just keep making your payments on time and try to keep you cc balance as low as you can and it should go up after a while.
Fair Isaac is a provider of predictive modeling, decision analysis. Your FICO scores are the credit scores most used by lenders to determine credit risk. They are based on a culmination of many factors, such as time in the bureau, type of accounts (car/mortgage vs. small credit cards), and of course how debts were repaid. It takes longer than 4 months to establish a pattern. Be patient and when you have established more good credit than negative your scores will increase. Also, see MYFICO.com for more information.
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