Will having just an auto loan on my credit report help raise my score?

I just recently paid off all my credit card bills from college and my score is fairly low since I was in between jobs and was late paying on most of the cards. I do not want another credit card ever. I do have an auto loan that is paid on time every month out of my paycheck, but will that be enough to raise my score? Or will I have to eventually get another card to pay off each month?

Will having just an auto loan on my credit report help raise my score?

First -- Congratulations on getting the credit cards off your back. DO NOT get another credit card just to do something for your credit report. That is just dirty hogwash.

Time will heal the credit report. Just continue to do as you are now doing.

One recommendation: Listen to Dave Ramsey's radio show for encouragement.

Will having just an auto loan on my credit report help raise my score?

not at all - but paying it off on time will ( as will the payment history after you reach the halfway point or so )

Will having just an auto loan on my credit report help raise my score?

no

Will having just an auto loan on my credit report help raise my score?

Auto loans help tremendously if you have two years of consistent payments. They actually help you out more than a morgage on a house would.

Why?

You can buy a car and default on a loan by running away to Mexico. You can't do that with a house. They always know where to find the house.

Two years of solid payments can jump your score up by as much as 200 points if everything else is in order.

Will having just an auto loan on my credit report help raise my score?

An installment loan will help SOME, but revolving is more highly weighted. Don't you hate that! The reason being (I think) is it requires discipline to manage a credit card. You will need that if you want to improve your FICO score, just try not to use it.

Will having just an auto loan on my credit report help raise my score?

If you have closed the credit card accounts it may have an adverse affect on the scores for a while. Also, when applying for a mortgage lenders will look for 3 open trade lines.

Here is some additional info that should help.