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WILL GET MY CAR TITLE 1 AND A HALF YEARS EARLY!


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After reading several topics of people trying to boost scores, I think many people forget that adding extra payments to a car loan will pay off your vehicle early and give you a boost with your FICO, and give you early ownership and last eliminate some of the interest that the lender will get. When I first came to CIC I saw some people doing this and the earlier you do it even better. So if you are looking for a boost try this method. Even if you can't pay 2 payments here and there, a payment and half works or any amount over the amount due works. It looks good on the reports.

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Congratulations! I found the easiest way for me to add payments is to pay weekly for example one of my loans is 260.84 and I pay 65.21 weekly using my banks bill pay. I like it because it doesn't feel like I'm paying that much and at the end of the year I have made an extra car payment painlessly. On this account it will only cause payoff 5 months earlier but on my other car (different finance company) I got the loan in July (60 months) but will pay it off in Mar 08 due to the way they calculate interest or something.

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After reading several topics of people trying to boost scores, I think many people forget that adding extra payments to a car loan will pay off your vehicle early and give you a boost with your FICO

Credit management is different than debt management.

FICO doesn't care how wisely you manage your debt as to how well you manage your credit. That is, the more payments you have for a credit history, the better of a score. They don't care that you manage your debt wisely.

As a result, paying off loans early doesn't help your credit scores. It helps you with your debt but not with your credit (which is not the same thing). LONG positive credit histories help boost your score compared to brief histories.

Yeah it sucks but credit management is just not the same as debt management.

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