topic Re: new accounts and car loan in future in Auto Loans

new accounts and car loan in future

SSH0126 — Fri, 04 Dec 2009 02:08:10 GMT

If i plan to get a car loan in march 2010.will my credit score go down if I dont have any other debt and get a small personal loan?? What if i were to get it and pay it off before march will that hurt or help my credit score??

Re: new accounts and car loan in future

laz98 — Fri, 04 Dec 2009 04:30:24 GMT

you want to get a car loan now, & pay it off in the next 3 months?

Re: new accounts and car loan in future

SSH0126 — Fri, 04 Dec 2009 05:03:43 GMT

NO. I was going to get a secured loan either this month or middle of January and but I will also be getting a car loan in Mach 2010.

Re: new accounts and car loan in future

laz98 — Fri, 04 Dec 2009 05:07:03 GMT

oh, i see my mistake now, i'm sorry about that. if you have no other debt, i don't think it should affect you that much, unless something catastrophic happens & you default on the loan.

Re: new accounts and car loan in future

SSH0126 — Fri, 04 Dec 2009 05:26:07 GMT

If i open up a loan for 500.00 for instance. in jan and pay off in full in march..will that help me or hurt me because it was only open for two months? or is it best to keep it for like 6months..if i am looking to raise score and have a credit mix??

Re: new accounts and car loan in future

Anonymous — Mon, 14 Dec 2009 00:26:01 GMT

Paying it off isn't going to hurt you. If anything it will help but don't think it's going to add 50 points onto your fico score.