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New car loan effect on credit score

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nmbrsgrl
Contributor

New car loan effect on credit score

How many payments before my new auto loan starts to show some positive effects on my score?




Starting Score: 582
Current Score: EQ658|TU654|EX640 as of 10/19/15
Goal Score: 720+


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GFer
Valued Contributor

Re: New car loan effect on credit score

Everything else being equal, usually about 6 months. More at 1yr and above. New accounts don't hold much weight until they are 1 year old.



EQ 817, EX 815, TU 813 (Updated 1/5/18: TU 843

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nmbrsgrl
Contributor

Re: New car loan effect on credit score

Thank you!




Starting Score: 582
Current Score: EQ658|TU654|EX640 as of 10/19/15
Goal Score: 720+


Take the myFICO Fitness Challenge
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