Will this make my credit rating go up

Question

I have a Honda Civic in my name, but I don't drive it .. my older brother does. I put it in my name because he didn't have any credit established and he's making the monthly payments so it's his car just in my name.

He has enough cash saved now to pay the whole thing off [about $15,000 is still owed on the car] so that's what he's going to do. How much will this bring my credit score up?

Answer 1

Yes it should make your score go up a bit, because you owe a lot less money and you paid back a debt.

Answer 2

Honesty, i don' think anyone can answer how much your score will go up. Paying off a car loan is very good for your credit history.

Make sure you transfer the title to your brother. As owner you can be held liable for any accidents that happen involving the car.

Answer 3

It will go up a little bit or maybe not at all... If the plan is interest free just keep paying otherwise pay the whole thing off.

Answer 4

thats a PLUS to your credit =]

MAKE  sure he pays on time...

one late = will be very bad

Answer 5

creditrepairuniverse.net

repair and/or build your credit

Depends on what else is on your credit report.

debt to credit ratio and other loans, negatives.

it can go up anywhere from 30 points to 100 points

Answer 6

Yes, it's a plus.

But don't ever do this again.  

What you did is dumber than cosigning a loan for him.

If your name is on the car, and your brother runs over someone, they'll be coming after BOTH OF YOU with a lawsuit.  Him because he drove it, and you because you own it.

Answer 7

This website helped me raise my credit score up to 240 points in 90 days you should check it out:

http://consumersurveypanel.com/cgi-bin/t...