Should I go for the Car Loan or not?

[Red1Blue]

I have been approved for the car loan by CU. They pulled my CR and hard inq on EX. If I add a new installment loan, how many more points would I loose on my CR? Is it worth it?

[marty56]

When I got my new car, they paid off the old loan and added a new one to my CR.  I lost points on EX until I amde the first payment and it was reported.  You might gain points if you dont have any installment loans.  Worst case is acts like a new account for 1 year.

In these times if you get a loan for a car I would take it.

[Anonymous]

All installment loans only count 10% of your scores.  It is concidered a new loan for 1 year.

[Anonymous]

I had no idea that installment loans only counted towards 10% of your score.  That is great knowledge for me to have in the mind. 

TheTaxMan

[Anonymous]

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TheTaxMan wrote:

I had no idea that installment loans only counted towards 10% of your score.  That is great knowledge for me to have in the mind. 

TheTaxMan

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Installment loans fall under the "Types of Credit Used" category which make up 10% of your score. Installment loans themselves don't account for 10% of your score.

How your FICO Credit Score is Calculated

[Anonymous]

I really appreciate learning new things about credit and you all have been great for me with all of your knowledge.

TheTaxMan