How many points did you lose when you got approved for a new auto loan???

[daisyduke]

Trying to prepare myself for December when I'm sure my score will go in toilet again for a new auto loan...

Would like to know how many points I will lose?

Thanks for your input...

[Anonymous]

Ok I am confused.

Is your score in the toilet now?

Assuming you make all your financing inquiries roughly in the same 14 or so day period, For FICO purposes they only count for one inquiry.

Actually having a loan in your name opened can cause a small drop or gain, depending on the other factors in your credit report. Most people do not see a greater change, both plus or minus of more then 20 points overall.

And that is the joys of FICO. Its is only important when you actually need it for credit, its a current snapshot of what is in your file at that time, and even if you score dropped 50 points, unless you were to suddenly need to get credit again, it will all bounce back in short order.

[daisyduke]

Hey USMC,

It's not quite in the toilet that much (at one point I was at 512, but that was in 2006...). TU FICO is 648 and EQ Fico is 661, but the score would probably go up by at least 30 more points (let's hope) by December. missed payments will be aged by then; Some inquires from TU won't affect my score, two won't as of 09/23 and then another one on 11/09 and I'm hoping that a paid collection will get removed...

EQ will probably boost up when i get the other BOFA AU account added...plus good payment history should help...I hope to gain at least 30 points by december...

So if lose 20 points, i'll definately gain them back in the long run...this will be only installment loan, I actually think I need an auto loan on my credit report. helps with the mix...

My score needs to get back up again BEFORE August of 2010...I will be losing all the good stuff - like my two paid mortgages will drop in August 2010, and that helps with my history too - 15 years, AAoA is 7....I should try to get another mortgage prior to August of 2010...

[Anonymous]

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@daisyduke wrote:

So if lose 20 points, i'll definately gain them back in the long run...this will be only installment loan, I actually think I need an auto loan on my credit report. helps with the mix...

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I have no idea if your score deviation will be 1 point or 35.

And by deviation for all we know your score could go up by that amount.

FICO does not leave all the quirks of the algorithm for the public to peruse. Just be aware there that any change to yor ubureau information changes your FICO, and changes also include just the simple passage of time.

20-30 point deviation for most people does not effect their credit tier for the most part.

[2wheel]

Like in my case I just bought a new car and they paid the old 1 off I got dinked for the new account when it posted 15 points then my old car that the dealership paid off posted 3 days later and got 12 points back

[daisyduke]

Thanks TwoWheel, you only lost like 3 net points...but if i lost 35 points from my score, i'm not in a good position, i can't afford to lose 35 points. worked to darn hard on this to lose anything at this point.

[Anonymous]

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@daisyduke wrote:

Thanks TwoWheel, you only lost like 3 net points...but if i lost 35 points from my score, i'm not in a good position, i can't afford to lose 35 points. worked to darn hard on this to lose anything at this point.

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what are you planning on using your credit score for?

As I have said, anything, even the passage of time effects your score.

There is no way to use credit and not change it.

Even if you saw a net loss of 35 points (highly improbable just i hate being painted into corners when giving anonymous advice on the internet) Those points would almost immediately begin to rebound the following month.

My scores suck right now. I know it and I know why. If I totaled my car I would be screwed as I probably could not get financing on another. But.. I simply dont need credit right now and am addressing the issue as I can.

Message Edited by usmc58555 on 08-23-2009 06:42 PM

[daisyduke]

Hi USMC,

Not trying to back anyone in a corner about the possibility of losing 35 points. I personally can't afford to lose that many points. However, if it is a short term deal, then OK...I can deal with that. You should know that I thank you for your input!

The scenario is I will get another car in December.. I want to buy a house in Jul 2010 or even June 2010. I need to have decent scores in order to get a mortgage.

[Anonymous]

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@daisyduke wrote:

The scenario is I will get another car in December.. I want to buy a house in Jul 2010 or even June 2010. I need to have decent scores in order to get a mortgage.

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Then your scores should have "recovered" by that time frame. But to be honest with all the different factors about FICO we have no way of knowing what all will lead to any net loss or gain come June.

[daisyduke]

Thank you USMC. Yes, you are right, I don't know the algorithm for either TU or EQ...but i would think if i continue to pay my bills on time, not apply for new credit, and keep the same accounts I have, it can't be that drastic of a fluctuation...i don't have any collectors on my butt...