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Just financed a brand new car. Will this help my score?

sleepingiant
Established Member

Just financed a brand new car. Will this help my score?

Wife cosigned new car loan.  My scores approx 550.  11,000 down financed another 22k or so.  Will this help me get into the 600s?  I have baddies but nothing recent. 


Starting Score: 541
Current Score: 580
Goal Score: 620


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Message 1 of 7
6 REPLIES 6
pizzadude
Moderator Emeritus

Re: Just financed a brand new car. Will this help my score?

Is this the only installment loan showing on your reports?
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 7
boomhower
Valued Contributor

Re: Just financed a brand new car. Will this help my score?

If it's the only installment loan reporting it'll help but don't look for a big jump.  Credit mix is a pretty small portion of your overall score. 

Message 3 of 7
sleepingiant
Established Member

Re: Just financed a brand new car. Will this help my score?

Yes.  Everything else is just credit cards.


Starting Score: 541
Current Score: 580
Goal Score: 620


Take the myFICO Fitness Challenge
Message 4 of 7
pizzadude
Moderator Emeritus

Re: Just financed a brand new car. Will this help my score?

If that's the case then you might see a small score bump due to improved credit mix.
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 5 of 7
sleepingiant
Established Member

Re: Just financed a brand new car. Will this help my score?

sweet.  i was also told that its a big step.  going from having 500-1000 credit card limits to all of a sudden having a 20 som-thousand dollar loan.  That it would help me in the future when i try to get a house instead of going from said credit cards all the way to a house.  


Starting Score: 541
Current Score: 580
Goal Score: 620


Take the myFICO Fitness Challenge
Message 6 of 7
IsleSeat
Contributor

Re: Just financed a brand new car. Will this help my score?

Pay off your Credit Cards and see your scores go up

TU and EX = 820 EQ = 821
I came straight out of Hell
Message 7 of 7
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