Will paying off a car give me a good credit score?

My credit is bad as of right now and my score is low, but I wanted to know that if I pay all my car paymeants on time till I pay the car off will that give me great credit and a good score?

Public Comments

1. As long as the dealership you bought the car from reports to the credit bureaus. Paying ON TIME and making every payment will help, it might not make your credit great, but it will be up there.
2. It will not give you great credit just by paying on time and paying it off. It will help raise your score. What you need to do is get like 5 different cards best buy visa master card etc with low limits. max them out pay them off, max them out pay them off. do that for a year, then look at your credit, should be better than ever. But you only need to do something like that if you can afford to do it, me I pay everything off in cash, If I can't afford it right then I will save enough cash and buy it out right. no reason for the credit companies getting more than they deserve HUH?
3. If you are making payments directly to the dealership, like a small used car lot, they probably don't even report to the credit bureaus. However, if you are making payments to a finance company, then yes, they do report. Generally speaking, the last 24 months of payment history carries more weight in your credit score than from 5-6 years ago. Make sure that the final payments are on time and it should increase your credit score. Plus, the next time you go to buy a car, your APR should be less and could probably negotiate better terms for yourself. I have no idea what your terms are, but still you will be in a better position.
4. It is a step in the right direction. You got to keep at it starting now and forever. Your credit score will not jump to the outstanding range by just paying your car off. It takes time plus keeping current with other debts and not maxing out your credit limits. Stick with it.