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I finally, got my TU score into the 600's 611 to be exact... I am needing a new car will getting an auto loan hurt my scores?
I have 1 cc with my cu, $1000 limit balance is $130, crown jewelers $2500 limit, and hsbc master card $300 limit no balance on cj or master card.
It may hurt in the short term- but you will show a better mix of credit- that will offset any decrease for age- expect a small jump up when that auto loan reaches 6 months. Don't make decisions based on FICO - unless the score is needed for a specific goal-manage your debt, not your score!
If you need a car- and can afford it, get it. Don't get it as a means of improvng your score- The exception to managing your FICO is if you are going for a mortgage in the near future. Then it is in your best interest to twek scores.
I got a $13,000 auto loan in January '07 (a little over two years ago). It dropped FICO by 13 points (a thousand dollars per point?)
I had saved up for the car, but not enough to pay it outright and keep a financial "cushion" at the same time...so it was paid off by that December (paying interest is also a bit of a pet peeve of mine). Once it was paid off the FICO went up about 20 points (I didn't have a recent installment loan on the CR, so adding a different type of loan account other than revolving cc's must've looked good to them).
Dan