Score dropped now that my new auto loan was detected

[Anonymous]

My Experian, the best score I had, took a hit today. I knew it would affect my score initially, but I didn't expect this. I figured it would drop a little and then, in time, it would end up helping by adding an installment loan to my couple of revolving cards. I'm not sure how much of a drop you typically expect when a new account is detected, but wow.

In late December, I was at 735 and with a couple of auto loan inquiries and an AMEX Everyday inquiry, my score dropped 7 points to 728. Today, it dropped 27 more points once my new auto loan was detected. Is that big of a hit normal? Should I now expect this big of a hit on Equifax and TU as well?

Thanks in advance.

[sccredit]

Thats normal.  

Try selling a car and paying off the loan, refinancing a mortgage (old one paid off, new one reports), buying a new car, trading in another (old loan gets paid off, new one reports)

So – 3 loans paid off along with 3 new loans

Score went from 750-ish to 713

Give it time, you’ll be OK

[Anonymous]

Ok, that makes me feel a bit better. I was just kind of shocked. At first I thought it was my AMEX backdating or something. I log in and boom! -27 points.

I hope my score starts climbing back up pretty soon. I am worried about my other reports though. My Experian had enough room to take the hit but my others don't.

[disdreamin]

My score took a hit on TU, and I was down 32 points after app-ing for an auto loan and a new credit card (really a replacement for an account I couldn't PC) plus the new auto loan reporting.  Both the CU (auto loan) and credit card (Barclay) pulled TU.  My other scores only went down only 12 and 14 points rather than the big drop I saw on TU.

If it is any consolation, at this point I'm about two months out on the auto loan origination date and a month out from the CC opening and I am back up to only 8 points down on EQ, 15 points down on TU and still 14 points down on EX (that doesn't appear to have updated yet, for whatever reason). So there is hope for rebounding relatively quickly.

[Anonymous]

Good to know. Thanks.

I can't wait until my first payment is due so I can start to establish some positive payment history. Same goes for my amex card.

[DaveInAZ]

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@Anonymous wrote:
Good to know. Thanks.

I can't wait until my first payment is due so I can start to establish some positive payment history. Same goes for my amex card.

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I'm pretty sure that's the first time I've seen someone say they "can't wait until my first payment is due".

I'm not looking forward to the hit on my score, approved for a new Lowe's card last Fridaay and a new car loan Monday. But if some positive payment history helps repair the hit from a new card & car loan faster maybe I'll be OK. I wanted the car loan payment to be in the middle of the month as my mortgage & 2 cards are due the 1st of the month. Loan officer said that was pushing the limit of 1st payment due, so I told her to go ahead and make Feb. 16 the 1st payment.

[Anonymous]

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@DaveInAZ wrote:

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@Anonymous wrote:
Good to know. Thanks.

I can't wait until my first payment is due so I can start to establish some positive payment history. Same goes for my amex card.

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I'm pretty sure that's the first time I've seen someone say they "can't wait until my first payment is due".

I'm not looking forward to the hit on my score, approved for a new Lowe's card last Fridaay and a new car loan Monday. But if some positive payment history helps repair the hit from a new card & car loan faster maybe I'll be OK. I wanted the car loan payment to be in the middle of the month as my mortgage & 2 cards are due the 1st of the month. Loan officer said that was pushing the limit of 1st payment due, so I told her to go ahead and make Feb. 16 the 1st payment.

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I know, right? Lol. I'm just anxious to bounce back as much and as soon as possible.

I'm glad my car payment landed toward the middle of the month since most of my bills come at the end. I just wish it were due this month instead of next.