New loan score went down

[kebeneezer88]

Hi, guys,

I know when open a new card your score goes down initially a bit. 

I just got a small loan for $600 that appeared on my EQ. Supposed

to report eventually on all three. My score dropped from 7 to 15 points 

depending on which FAKO/FICO score I'm looking at. 

Will this loan still help me over time as I pay on time? It adds to my

mix, only had one secured Visa, Fingerhut and Comenity cards. About to

add the secured Cap 1. 

[Anonymous]

Check out these threads. 

In summary, if your loan is paid down to 9%, you should see a substantial increase in your score. If your bank supports pushing the next payment date further as alliant does, the better for you. 

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Should-I-get-an-installment-loan/td-p/438...

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Should-I-get-an-installment-loan/m-p/4430...

[kebeneezer88]

I will check these out.

What do you mean pushing the payment date further?

[kebeneezer88]

Oh I see. . .