Posts: 13,897
Registered: ‎04-15-2011
Re: How does a loan affect your credit score ?

You will take an initial hit due to AAoA and a HP.  However this will fade over a little time.  Installment accounts don't factor into you Util.  If you age it for a year and pay it off, it will stay as a positive TL for about 10 years so no problem there.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!