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Does new auto loan affect a fico score?

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Anonymous
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Does new auto loan affect a fico score?

I know fico scores go down with inquiries but what kind of hit do you take when the new auto loan shows up on your credit report...does the fact you have a auto loan kill your score for a while?
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Anonymous
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Re: Does new auto loan affect a fico score?

The hit is for a new account and the change in average age....no different than a hit for opening a new credit card.

 

The only difference is if the car loan is your 1st Installment loan each month you pay the payment on time your FICO score will go higher and higher.  ultimately it will put you in a new bracket that you most likely couldn't have reached without the good mix of credit.

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Anonymous
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Re: Does new auto loan affect a fico score?

So far I have gotten a increase for every account I have opened but I am sure my luck is going to run out soon. We are recovering from a BK so it has been a long time since we had anything for accounts besides student loans.
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