Will buying a used car on credit help my FICO score?

Tips and Deals Forums Consumer Credit Improve Credit Will buying a used car on credit help my FICO score?

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      Anonymous
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      I need a new car and have always figured paying cash was best. I have limited credit history that I messed up in college, so my score is 520-550. I was looking at a few used cars but figure a newer used car would be more reliable and need less maintenance. What effect will paying the loan on time have for me? How long before any benefits kick in? Will it improve my score more because most of my credit now is very small credit cards and this will be a big auto loan?

      I know making payments is kind of a waste, but I have the income to pay more, so I’m just focused on what, if any, FICO score improvement I can get.

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