How does your first car loan affect/build credit?
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Made my first 4 payments for a car loan on time so far. Its my first car loan and my first time dealing w/ any credit at all. So… Do I have a credit score yet? What number do they start your score out?
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Brandon said:
You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments – creditreport.imess.net
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0December 14th, 2009 at 12:09 am -
Judy said:
After 30 days of your first payment the loan company reports to the credit bureas.
Check your credit reports for free at
annualcreditreport.com
don’t pay for the score – they will try to get you to pay for it – useless.
What is more important is to know what’s on your report – and how to keep it pristine.
You can’t do one darn thing about a score – so its basically useless.Never close or delete that account, you have established your credit history for life.
Once you pay off that loan, your credit rating will get a boost.
Also, when you get your first credit card, pay it in full, carrying revolving balances in credit cards destroys your credit worthiness.
Shows inability to pay.
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0 0December 14th, 2009 at 12:09 am -
bdancer222 said:
You might have a score but more likely you will have to wait 6 months and then it will be marginal. Installment loans build your credit as you make every payment on time. It will take at least a year of on time payments to really do much for your score.
CreditKarma offers a free score estimator based on your TransUnion credit report. It’s not FICO. But it’s kinda, sorta like FICO, give or take 50 points or so. Good enough if you are just curious about your score.
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0 0December 14th, 2009 at 12:09 am -
kaine7 said:
You have a credit score, and it DOES matter. The organization that loaned you the money can report that they did so to one or more of the three credit bureaus immediately. They do not have to wait "30 days," as one poster said.
Obtaining your free credit reports at http://www.annualcreditreport.com will not tell you your score. It is almost impossible to determine a baseline score without ordering it. You will need to order your scores from a credit monitoring service. Sometimes you can sign up for a service that gives you one, two, or even three of your scores for free, as long as you cancel within 30 days. Otherwise you will be billed on a monthly basis. You can also buy those scores from a service outright without keeping the monthly service. Make your payments on time; 35% of your credit score is based on making on-time payments.
Once you have made several more on-time payments, consider applying for a credit card. 30% of your credit score is based on the amount of available credit you have in revolving accounts. When you do, make your payments on time and never carry a balance. If you must, keep it under 30% of your limit for that card.
Disclaimer: The above does not constitute professional financial advice. Seek the advice of a professional before making any financial decisions. The reader holds the author harmless for the results of any actions they may take based on this advice.
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0 0December 14th, 2009 at 12:09 am -
Rutu said:
Saw your question I have decided to help people out due to the fact that I myself has been scammed four times by four lenders in my search for a loan but at last I got a reliable lender. that gave me the loan($60,000 USD) that I was in dire need of. Hence I decided that I will refer anybody I come across to this God sent lender he is reliable and his terms are fair. You can get to him via his email address: randybrawlsmonetaryfirm@gmail.com, Please tell him that Pastor Mrs mitchell from CA. USA church Mission Of God Church.. I have search for a legit lender until I got him and I decided to help my fellow humans with this because there are a lot of fake lenders out there and I do not want any body to fall a prey please get to him and tell him that I referred you to him.
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0 0December 14th, 2009 at 12:09 am
