Interest rate at Porsche Finacial
10-18-2022, 08:12 AM
#151
Three Wheelin'
Wrong.
Use one of the credit monitoring services or you most likely already have one. Look in the sections that tell you what's hurting your score or ways to improve your score. If your report is the way you say it is, I can guarantee you that one of the reasons cited will be "lack of recent installment loan". Go out and get an installment loan - even something like a secured loan against some CDs.- and you will see your scores increase.
Use one of the credit monitoring services or you most likely already have one. Look in the sections that tell you what's hurting your score or ways to improve your score. If your report is the way you say it is, I can guarantee you that one of the reasons cited will be "lack of recent installment loan". Go out and get an installment loan - even something like a secured loan against some CDs.- and you will see your scores increase.
10-19-2022, 02:38 PM
#152
Rennlist Member
It has been a while since I had an auto loan, but in my case I got my score up to 835 by paying all my credit cards off before they report.. i pay each a couple times a week as I use them. Doesn't take long with password auto-inserted when I log in.
10-19-2022, 03:09 PM
#153
Instructor
This is the right answer. Anyone who has kept on top of their credit scores and "experimented" with some items has seen this happen. I have multiple monitoring services that I have subscribed to for multiple years. I have a long, clean credit history and nothing has made my score drop more than paying off my installment loans. FICO is definitely 100% rigged to favor people that carry debt month-to-month
The following 2 users liked this post by Litigator:
icanthelpit (10-19-2022),
mrrippey (10-21-2022)