My credit score was 687 and i applied for a car lease, and I got it, with the best finaning. that one inquiry cost me 9 points. then my loan account with Hyundai was marked off as paid off satisfactorily and closed. that cost me another 28 points. That was my only open installment loan, so i would guess thats why. the new car account has not hit the credit report yet. i am hoping that will give me a boost.
this is depressing....i joined these forums wih a score of 640. i worked my way up to 687 by following the suggestions here. i have not had a delinquent payment in 4.9 years.
am i back where i started? or is this a temporary thing?
any thoughts?
Starting Score: 640
I just hope it doesn't take years to build back up. i took me nearly 5 years to get from 640 to 687
@MikeRebuild wrote:I just hope it doesn't take years to build back up. i took me nearly 5 years to get from 640 to 687
Should not take that long, I know your pain though had TU Fico 8 last month 805 fell to 754 this month for 2 inq, 2 new accts reporting and my only instalment loan closing, i about fell out of my chair....
OP the car loan / lease is one part of your FICO scoring. What other items are on there? Credit cards? If so which and how much utilization, age of accounts? Any mortgage?
