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Hi,
I had an auto loan. I had put down $3500 and financed 5200 for 2.5 years. Then I paid it off in less than 1 year with not a single late payment. Now, I have just got a secured card. So, does anyone have a clue on how much a secured card raises your score or an auto loan that if payed off early? My median Fair Isaac's score was 612. I want a house loan; so I want to increase my score. I pulled my TR and EXP reports and disputed everything.
improving credit score
Hi Wan,
Your credit score does not depend on how early you have paid off your debts and what kind of credit card you are using. It depends on your payment history, outstanding debt amounts owed, the length of your credit history, new credit and types of credit used (not cards). The payment history accounts to 35% of your credit score.
Thanks,
Aaron