I have 3 remaining payments on a car. Will my credit score improve at the time I make the last payment? If so, how soon will it benefit me the next time I apply for a car loan?
Yeah…your credit score will improve if you pay-off all your outstanding debts. But it’s not possible to say the exact time between which your credit score will improve.
You have to wait for some time in order to see the boost in your credit score. Reorganize your finances so that you can make the payments on your next car loan and avoid hurting your credit score.
I keep careful track of my credit, my 'good' and 'bad' debts. Everytime you make a payment on a loan, credit card, etc,...your score does improve because it's less of a debt that you had a month earlier. Make sense? That's how I look at it. I have a car payment...the car loan should be paid off within a few years. Every payment I make to the lender, it lowers my debt and my score does improve. I actually get 'alerts' when my debt increases, etc.
Credit Score
Yeah…your credit score will improve if you pay-off all your outstanding debts. But it’s not possible to say the exact time between which your credit score will improve.
You have to wait for some time in order to see the boost in your credit score. Reorganize your finances so that you can make the payments on your next car loan and avoid hurting your credit score.
credit
I keep careful track of my credit, my 'good' and 'bad' debts. Everytime you make a payment on a loan, credit card, etc,...your score does improve because it's less of a debt that you had a month earlier. Make sense? That's how I look at it. I have a car payment...the car loan should be paid off within a few years. Every payment I make to the lender, it lowers my debt and my score does improve. I actually get 'alerts' when my debt increases, etc.