How does an auto loan effect utilization on credit report?
I have a total credit line of 12,000 dollars if you add up my three credit cards. I always have lower than 10% but I am wondering > how will taking on a $8,000 auto loan will affect my utilization on my credit report.
Im looking at buying a 22,000 car and I will have about 14,000 saved for a downpayment by the time I buy the car.
MyFICO score- Equifax - 12.03.11 - 780 Experian 12.03.11 - 763
(FAKO Scores) EXP PLUS Score Dec 2011. 748
Advanced Risk Score 2.0 (NextGen) 793 Dec 2010
Vantage Score (2011) MAR = 771 Jun = 771 Sept= 788 Dec= 773
2012 MAR = 782 JUN=783 Dec = 789
2013 Mar-796 Jun-799 Dec- 797
Starting Score: ~500 (12/01/2008)