Score Drop after New Auto Loan reported

yomellamoFICO2013 · ‎06-06-2014

My new installment Auto loan just got reported, my score took a big hit (-50 points).When would I expect to go up again?.
PS: this is the first installment loan ever reported on my credit report.

CURRENT TLS:

AMAZON $2K/ WALMART $2K /DCU $3K DELTA AMEX $1K
DISCOVER $1.2K/ PAYPALEXT $2K /COSTCOTU $1.2K

UPDATED 8/1
EQ
8/1/13 EQ 694 - (myfico) -
7/26/13 EQ 694 - (DCU)
9/10 EQ 701 - (myfico)

EX
9/8 - EX 707 (usaa/EX)

TU
6/18 TU 690 (myfico)
7/2 TU 694 (Walmart)
8/8 TU 676 (Walmart)
9/6 TU 676 (Walmart)

fezwhy · ‎06-06-2014

I wouldn't worry about it too much. The same thing happened to me when I first got a house loan. It was my first installment loan and I got all the points back and then some. It will probably take a few months but the points will come back once you start making more payments on the car.

Remember0 · ‎06-06-2014

What's the source of that score drop? Like did this website tell you or something like creditkarma (FAKO)?

Either way, just make sure the only change is the new loan and that a new baddie didn't pop up. If all it was is this new loan, no worries. Your score will go back up in time as you make payments and the new loan ages.