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New Auto Loan -- score change

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C-XRS2005
New Contributor

New Auto Loan -- score change

Just bought a new used car, wondering how much my score will drop due to the new loan.  678 now with only a year old mtg, pay off on my old car and loan replaced by my new car loan, and a small balance on one of my 4 cc's.  Any ideas??

 

anyone know the average that it drops?

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Anonymous
Not applicable

Re: New Auto Loan -- score change

Use the FICO estimator to get a possible range.

 

But it really depends on any number of factors, including how it has impacted your AAoA, number of inquiries in past year, number of new accounts, loan balances, length of credit history.

 

NO SINGLE element really counts by itself in a static manner.  It is a binary, trinary and muli-plex algorithm, meaning that it helps or hurts in "combination" with all of the elements on your CR.

 

Something that helps one CR will hurt another or be neutral on another.  How they collectively apply is the key.

 

The simplistic guesstimates are:  if this has lowered your AAoA, it may ding you.  Having paid off one loan (aged) and replaced with another loan (new) that has a higher balance to loan amount ration may ding you.  How much is hard to say.

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C-XRS2005
New Contributor

Re: New Auto Loan -- score change

This is the only new acct in two years and that was the car that is being paid off and replaced by this.  Only one inq.
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