Credit score dropped by 60 points after getting loan

[C-Chedda]

My score dropped by about 60 points after I took out a loan for stocks about 4 months ago. I haven't recieved anything negative on my report. I recieved a new credit card in January 2010. I recieved the loan in may (7000.00) and paid it completely off in July. How long do I have to wait until my score goes back up?

[marty56]

Welcome to the forum.  If you have a short credit history and your util was high on the loan, that could be responsible for the drop.  has the PIF been reported on your CR yet?  Also how many other CCs are reporting a balance.  Remember that even if you PIF, the reported balance is what effects your credit score.  FICO doesn't care if you PIF each month.

[C-Chedda]

The loan is showing Paid in Full. I only have one credit card ( with a balance of 8.00) the card has a 200 dollar limit. A few months ago I did go over my limit on my cc. But I paid it in full. I have never been late on my cc

[cascade159]

Does the loan show a $0 balance on your credit report?

[C-Chedda]

Yes it's showing a zero balance

[llecs]

Maybe something else happened in addition to the loan, but new credit is a score-killer. On average I have lost 20-25 points with each new TL reporting. Last summer, I lost over 50 when I added a new Penfed, Amex, and Discover. The new credit hurt and I was rebucketed due to the new credit. Most of those points came back over time, approx. 6 months and I noticed large increases around the 10 month mark (I think I was rebucketed back). In general, most, if not all, of the points return by 12 months.

OP, is your score from myFICO and which one?