Auto Loan

[eddymvp]

I currently have an auto loan that I took in june, 2008. The loan is was for $5,000 and I still owe $4000. I have paid off that loan and I get another car loan. Would that hurt my score? I also have another auto loan from November 2007, and I owe 1,800 from that one. The original loan was for $5,000 as well.

[Anonymous]

Your score will likely take a hit due to the new inquiry/new account.

If the new account lowers your AAoA very much, it could take a hit there too.

Also, depending on how many "new accounts" you have, adding another may put you into that "too many new accounts" category.

[eddymvp]

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@Anonymous wrote:

Your score will likely take a hit due to the new inquiry/new account.

If the new account lowers your AAoA very much, it could take a hit there too.

Also, depending on how many "new accounts" you have, adding another may put you into that "too many new accounts" category.

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Thanks for the reply sidewinder. I haven't have a new account since June 2008. When does a new account stops hurting your score?

[Anonymous]

One year, I believe.