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is it good to pay several months ahead for my car loans in order to boost my credit?
In: Car Loans
23 Mar 2010my credit is 550, I’m thinking about paying for six months ahead on my car loan so i can increase my credit score and have the peace of mind. i want to do that to increase my credit score so i can get a new car in six months. I want to pay for six months ahead of time, and get a new secure credit card. do you think that can boost my credit to 700 by june of next year?
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6 Responses to is it good to pay several months ahead for my car loans in order to boost my credit?
bravo
March 23rd, 2010 at 7:57 am
Unfortunately, your contact is probably Simple Interest. Which means any payment you make over your existing monthly obligation will go towards principle balance. It’s a good way to avoid high interest rates over the term of your loan, however if your FICO score is 550, you probably received a pretty high rate. I would make the scheduled payments, and try to talk to a lender to refinance the loan. It usually takes about a year of solid auto credit to do this. As for a secured credit card, that’s a way to help your credit but the come with higher rates and huge annual fees. Creditworthiness takes time, but it sounds like you are on the right track. Just be patient, and don’t go over your head when credit card applications come in. They are an easy way to get back into a unmanagable credit position.
Good luck
Offroadin'
March 23rd, 2010 at 8:07 am
You can help your credit score by paying extra principal on your car loan every month. That will shorten the duration of your loan as long as you do not have any pre-payment penalties written into your contract.
We paid a 30 yr home mortgage off in 15 yrs by paying an extra $100.00-$200.00 on the principal every month. We did the same with car loans and a home improvement loan in the past, saving thousands and thousands of dollars, while upping our credit scores. We always get charge card applications with 0% financing for 12 months in the mail now. It is great when you have to purchase big ticket items like appliances. You divide your total up into 12 payments and make that payment every month. Otherwise you could get hit with high interest going back to the date of purchase if you do not have it paid off in that 12th month. Good luck!
Joe J
March 23rd, 2010 at 8:34 am
If that’s the only bill you have fine. If it’s not, pay high cost loans first. Credit score is not only set on how you pay, but also credit available. If you have a lot of credit cards available to you with low balance but high available credit, get rid of some. Cancel them. This will help your credit score more.
stan c
March 23rd, 2010 at 8:58 am
In same states, you are not allowed to put the account ahead by making multi payments at one time. If you have a coupon book, mail your in monthly payment then mail an add’l the following week and just check to see how the second payment was posted. If it put’s it ahead, then you know you can make add’l payments on the loan, it it goes towards the principal, then you know it didn’t work.
milk27105
March 23rd, 2010 at 9:55 am
What makes your score go up is when you pay on time every month with out being late. You might not want to ahead that much because they will count it as one monthly payment and it really doesn’t help your credit. If you score is a 580 then you probably have some late pay on your report,so what I would do is use that money to remove some of the derogatory stuff on your credit and with time your score will rise. Just make sure that you know it will take time for your score to go up so just be patient and concentrate on making your payments on time. It might be a good idea to make an extra $50 dollars a month in payment.
kms44113
March 23rd, 2010 at 10:02 am
NO. this will not help your credit. It will not hurt your credit either. It is best to make monthly payments on time. Your creditors will report the prompt monthly payments to the credit bureau and your credit report will go up that way. Paying in advance on several months will not help your credit because you technically have not been charged yet for those months, so you don’t owe anything yet until you are charged. If you have extra money that you would like to pay your car down, just set it aside in a safe account and pay it monthly.