Comments on: Will having a paid auto loan in my credit history benefit when I try to get a mortgage in the future? http://autocarloansnow.com/will-having-a-paid-auto-loan-in-my-credit-history-benefit-when-i-try-to-get-a-mortgage-in-the-future.html Tue, 10 Apr 2012 00:46:52 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: WOW! http://autocarloansnow.com/will-having-a-paid-auto-loan-in-my-credit-history-benefit-when-i-try-to-get-a-mortgage-in-the-future.html/comment-page-1#comment-2784 WOW! Thu, 28 Jan 2010 07:46:29 +0000 http://autocarloansnow.com/will-having-a-paid-auto-loan-in-my-credit-history-benefit-when-i-try-to-get-a-mortgage-in-the-future.html#comment-2784 I'm no expert but as long as your payments are on time every month you shouldn't have a problem. Your ratings show a change aproximately every 6months- 1year. A friend of mine bought a car last April and she say her score went up. Just don't accumulate an extra bill besides the car loan, and don't make your payments outrageous. Make sure everything is in perspective, including the car payment, and any other bills that you have on a monthly basis. Also the highest is about 960 so your interest should be pretty good especially with all these programs out here. I’m no expert but as long as your payments are on time every month you shouldn’t have a problem. Your ratings show a change aproximately every 6months- 1year. A friend of mine bought a car last April and she say her score went up. Just don’t accumulate an extra bill besides the car loan, and don’t make your payments outrageous. Make sure everything is in perspective, including the car payment, and any other bills that you have on a monthly basis. Also the highest is about 960 so your interest should be pretty good especially with all these programs out here.

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]]> By: twv706 http://autocarloansnow.com/will-having-a-paid-auto-loan-in-my-credit-history-benefit-when-i-try-to-get-a-mortgage-in-the-future.html/comment-page-1#comment-2785 twv706 Thu, 28 Jan 2010 07:46:29 +0000 http://autocarloansnow.com/will-having-a-paid-auto-loan-in-my-credit-history-benefit-when-i-try-to-get-a-mortgage-in-the-future.html#comment-2785 Your credit score is great, but if you have a car loan out with monthly payments it will lower the amount you will be able to finance for a house. Check out a site at http://www.mortgageawareness.com they have a mortgage calculator and helpful information for figuring out how much you will be able to finance on a mortgage loan with a car payment. Your credit score is great, but if you have a car loan out with monthly payments it will lower the amount you will be able to finance for a house. Check out a site at http://www.mortgageawareness.com they have a mortgage calculator and helpful information for figuring out how much you will be able to finance on a mortgage loan with a car payment.

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]]> By: spifiman1 http://autocarloansnow.com/will-having-a-paid-auto-loan-in-my-credit-history-benefit-when-i-try-to-get-a-mortgage-in-the-future.html/comment-page-1#comment-2786 spifiman1 Thu, 28 Jan 2010 07:46:29 +0000 http://autocarloansnow.com/will-having-a-paid-auto-loan-in-my-credit-history-benefit-when-i-try-to-get-a-mortgage-in-the-future.html#comment-2786 Yes it will help your credit. Vehicle loans are installment loans just like mortgages. If you take out a vehicle loan and pay it as agreed for 24-months like you are thinking about it will show willingness, responsibility and the ability to pay installment type loans. This will look great on your credit. Just do not apply for your home loan until your vehicle is paid off or almost paid off and you will be fine. You will get a great rate and it will be the best $478.00 you ever spent. Yes it will help your credit. Vehicle loans are installment loans just like mortgages. If you take out a vehicle loan and pay it as agreed for 24-months like you are thinking about it will show willingness, responsibility and the ability to pay installment type loans. This will look great on your credit. Just do not apply for your home loan until your vehicle is paid off or almost paid off and you will be fine. You will get a great rate and it will be the best $478.00 you ever spent.

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]]> By: echo http://autocarloansnow.com/will-having-a-paid-auto-loan-in-my-credit-history-benefit-when-i-try-to-get-a-mortgage-in-the-future.html/comment-page-1#comment-2782 echo Thu, 28 Jan 2010 07:46:28 +0000 http://autocarloansnow.com/will-having-a-paid-auto-loan-in-my-credit-history-benefit-when-i-try-to-get-a-mortgage-in-the-future.html#comment-2782 Good score !! The ways the auto loan could hurt you when trying to get a home loan is if you apply for a mortgage soon after applying and receiving the vehicle loan. The vehicle loan would be a new account with little history and you would have recent inquires. The positive is what you already mentioned - having a good credit history in multiple areas If you are not planning on a mortgage soon you might consider the vehicle loan if you want to pay the interest on it. The vehicle loan may bump you up a few points and make your reports look a little more rounded. One thing to keep in mind, if you are over the 800 mark on your "FICO" scores, you may qualify for the best rates on a mortgage with or without the vehicle loan. Good score !!

The ways the auto loan could hurt you when trying to get a home loan is if you apply for a mortgage soon after applying and receiving the vehicle loan. The vehicle loan would be a new account with little history and you would have recent inquires.

The positive is what you already mentioned – having a good credit history in multiple areas

If you are not planning on a mortgage soon you might consider the vehicle loan if you want to pay the interest on it.

The vehicle loan may bump you up a few points and make your reports look a little more rounded.

One thing to keep in mind, if you are over the 800 mark on your "FICO" scores, you may qualify for the best rates on a mortgage with or without the vehicle loan.

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]]> By: burning brightly http://autocarloansnow.com/will-having-a-paid-auto-loan-in-my-credit-history-benefit-when-i-try-to-get-a-mortgage-in-the-future.html/comment-page-1#comment-2783 burning brightly Thu, 28 Jan 2010 07:46:28 +0000 http://autocarloansnow.com/will-having-a-paid-auto-loan-in-my-credit-history-benefit-when-i-try-to-get-a-mortgage-in-the-future.html#comment-2783 You will already have a good credit rating after paying your present car off. You will already have a good credit rating after paying your present car off.

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