Car Loan added to my CR

[nmbrsgrl]

My first payment isn't until next month. When should I expect to see an increase in my credit score? After a couple of payments?

I would like to add a couple of credit cards now and then garden for awhile. My thinking being take the hit on my AAoA and the HP altogether.

[TRC_WA]

Revolving accounts tend to show more score increases in a short time.

I added a car loan in May 2013 then a new refi loan a year later and neither had an immediate impact (no score gain) on my score.

Revolving credit cards did however.

[user5387]

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@nmbrsgrl wrote:

My first payment isn't until next month. When should I expect to see an increase in my credit score? After a couple of payments?

I would like to add a couple of credit cards now and then garden for awhile. My thinking being take the hit on my AAoA and the HP altogether.

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There are short-term costs in adding new accounts, for example the inquiry hit and the reduced AAoA.

[HiLine]

It will take a while. Initially your balance on the loan is pretty big, and that will remain a burden on your credit score. Over time, you pay down the loan, the balance decreases and your score will eventually benefit from the car loan, assuming this is your first or second installment loan on your credit profile.