How long will it take for a financed purchase to increase my credit score?

I bought a motorcycle last month for $8,000 to help build my credit. its maturity date is in 2013, but I plan on paying it off as soon as I can while still receiving a good mark on my credit. how long should I wait to pay it off?

How long will it take for a financed purchase to increase my credit score?

To get the best out of this loan you need to make at least 12 payments as agreed on time.

How long will it take for a financed purchase to increase my credit score?

If you pay ON time ALL the time, you will start seeing an increase in your credit score in about 6 months.

How long will it take for a financed purchase to increase my credit score?

First, your score will probably go down due to the diminished capacity to pay due to the 8000 in debt you just took on.

How long will it take for a financed purchase to increase my credit score?

The credit bureau generally wants to see a credit history of 6 months on such a large loan, you are lowering your debt/credit ratio. In this case, you have a $8000 credit limit that is now maxed out (until you make some payments). That hurts your score for a while...but your good payment history balances it out a bit.

So in other words, for about a year (as Spiff says) you won%26#039;t notice a huge change.

If you have the ability, make larger payments then what the monthly payments call for. The sooner you reduce your debt/credit figures the faster your score will rise.

If you can, consider taking out a credit card...but don%26#039;t lose it. The credit limits will increase your credit ratio figure and will help out a bit. If you currently have a credit card, see if they will also increase your limit. Don%26#039;t get crazy and ask for $20k...keep it to a few thousand. Just DON%26#039;T USE IT!!!