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Ok, so I worked for a year and got my score from 600 to 650 and 665. Then, I had to max out my mattress card and buy a new car. As a result, I went down to 630. I was told my score will go up 2 points a month or something as this car loan helps me. Thing is, do I need to get my Util down to 10% in order for the car loan to start affecting me ion a positive way?
Wow, not one reply?
@ando35 wrote:Ok, so I worked for a year and got my score from 600 to 650 and 665. Then, I had to max out my mattress card and buy a new car. As a result, I went down to 630. I was told my score will go up 2 points a month or something as this car loan helps me. Thing is, do I need to get my Util down to 10% in order for the car loan to start affecting me ion a positive way?
You took an initial hit with the Inq and a hit on your AAoA with the posting of the new car loan. Those hits will diminish quickly with a little aging. The max out on the mattress card will affect your score. Once you pay down your util your score will rebound.
Thank you!