How soon Honda Finance post new account on CR?

[Red1Blue]

Does any one have any idea how soon American Honda posts new loan account on CR?

I just took the delivery of 2006 Accord EX-V6-L with only 8K miles for $19K.

I am curious when it might hit my CR and what kind of score drop I would see in my scores.

[Anonymous]

It depends on how long it takes them to fund the loan, but its probably safe to say between 30 and 45 days (assuming they gave you 45 days until your first payment)

No way of really knowing what it will do to your scores.

If you were replacing a different car installment loan with this one you won't see much of a change....

If this is your first installment car loan, by the time you make a couple of payments your score should increase considerably....

[Red1Blue]

Thanks Mel. I am replacing another car loan that I had it for last 6 months or so with this loan. I am planning on paying off 40% of the loan as soon as the Tradeline posts. Hope the score hit I'll take would be small. Let us wait and see what happens.

 

[marty56]

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1111mel wrote:
If you were replacing a different car installment loan with this one you won't see much of a change....

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I used SSFCU for my new car ;pan.   The dealer just PIF the old loan.  The old and new account numbers just differ by 1.  I hope FICO dosen't notice the account number change so I dont get a hit in my scores.

Anyone who squeals on me is toast.

[Anonymous]

In February I replaced an 11 month old car loan with a new one and my scores are actually 20 points higher across the board then when I applied for the car loan.....

I'm wondering if the monthly payment had anything to do with it...?? The monthly car note dropped over $200 bucks a month. Not sure about that though.