Just as fast as a credit card with the equifax credit score.
it's possible. quasi-fraudulent behavior can be used to artificially inflate your equifax score, and equifax scores are heavily weighted in determining your overall fico score (hence the importance of disputing fraudulent debt and collection accounts). however, it's also true that if you make your payments on time enough, you'll max out at an equifax rating without needing quasi-fraudulent behavior or self-inflating methods. so we each weigh our own risks differently myself — but i don't recommend doing anything too extreme like carrying debts accumulated from gambling leave them unpaid for any more than 30 days). being past due by more
does your credit score go up every time you make a car payment?
no.
a credit score is a snapshot of a person's ability to pay their bills. to determine the creditworthiness of an individual, lenders run a “credit report” that assesses several factors such as how often you go over your limit and miss payments, your total debt load (e.g., mortgage) and other obligations, and your repayment history (e.g., paying off loans). a car note would not make or break the calculation; if you do everything else right but fail to make this payment at some point in time there would be little difference to your score than if it were one of many missed transactions like an electric bill or tv service.
your mileage may vary on occasion – there can be other considerations
how long does it take to build credit with a car loan?
length of time it takes to build credit with a car loan may depend on the type of credit the borrower uses to make payments. secured loans typically take 6-15 months; unsecured personal loans may take 10-18 months.
if you're borrowing for an auto purchase, then your length of credit building period largely depends on how often you use that newly secured loan to buy other small items in order to keep lowering your interest rates. it's always best when making car payments each month, to also allocate some funds for savings or very short term purchases so you can gain more favorable interest rates on your secured loans in the long run. this way if something happens with your job, you will still have cash flow
