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Car loan Score impact?

Regular Contributor

Car loan Score impact?

Ok so I have a question and was wondering if this great forums could help? So last month I purchased my first automobile my question is will opening a car loan lower my fico score initially because I assume as Im paying it down it will go up but what about the initial impact of the loan?
Thanks in advance.


Message Edited by NowIcare on 10-02-2007 01:55 PM
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1 REPLY
Moderator Emeritus

Re: Car loan Score impact?

Any score drop will be shortlived. Auto adds to your mix of credit which FICO likes. Smiley Happy