Will new auto loan hurt my cc limits?

[snowkitty]

I've been working hard over the past two years building my credit with credit cards. I'm in a good place with them and happy with my cards and limits. Two weeks ago I bought a new car which was nice because it is the first one I have ever bought completely on my own! I don't know when this installment loan will hit my credit. The loan is for 34k. On ck and other sites, it shows that adding an installment loan will help my credit but now I am freaking out because I am afraid once the loan hits, cc companies will start lowering my lines or something. Am I worrying for nothing? I have no baddies, have paid all cards perfectly for almost 2 years now. My utilization on cards is 12% total. My DTI will be about 30% with the car loan. What do y'all think?

[TRC_WA]

You're worried about nothing.

When I refi'ed my auto loan in March I actually had BOTH loans reporting for a month...  it sure looked pretty having an additional $20k in installment loans.

None of my CC lenders did anything...

[emptypockets]

I think you are worried about nothing. It doesn't seem like one (getting a new auto loan) has anything to do with the other (CC limits), unless you were to miss a payment or something.

[Creditaddict]

it will probably help your credit actually!

[daybreakgonesXe]

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@snowkitty wrote:

I've been working hard over the past two years building my credit with credit cards. I'm in a good place with them and happy with my cards and limits. Two weeks ago I bought a new car which was nice because it is the first one I have ever bought completely on my own! I don't know when this installment loan will hit my credit. The loan is for 34k. On ck and other sites, it shows that adding an installment loan will help my credit but now I am freaking out because I am afraid once the loan hits, cc companies will start lowering my lines or something. Am I worrying for nothing? I have no baddies, have paid all cards perfectly for almost 2 years now. My utilization on cards is 12% total. My DTI will be about 30% with the car loan. What do y'all think?

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You'll definitely be okay! I just got my new car about a month ago, and with the loan reporting I still got one of the elusive Chase e-mail offers for a CLI on my Freedom

So no worries, good luck!

[calihlove75]

You will be fine. Not only did I have  a new car loan hit my reports in March, I had a refinance  hit it a few weeks after original loan(NFCU messed up on the VIN and the only way to correct was to 'refinance') I was also worried,  but for nothing. My score is actually higher now.

[snowkitty]

Thanks for your replies!! Y'all always make me feel better! I was hoping that I was worrying for nothing. I've worked so hard to get my credit where it is but I always have this voice in the back of my head that tells me that one day it will just be ripped out from under me. I know that sounds super paranoid but it also keeps my on my toes with credit too. *lol*