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Purchased new car and now worried.

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New Contributor

Purchased new car and now worried.

I had a year left of payments on my previous car with a monthly payment of 370, I just bought a new SUV for 25k with monthly payments of 450. Will my score drop? I have a 619 (EQ) 644 (TU) and 673 (EXP). I just have two other low limit CCs with a utilization at 4%

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Super Contributor

Re: Purchased new car and now worried.

You shouldn't see any score drop due to the increased payment or installment loan balance. Also, closing one loan and opening a new one should have minimal effect as well.
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
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Valued Contributor

Re: Purchased new car and now worried.

Your score might go down a bit from the new account. That will reduce your AAoA.

 

Also, your score might drop a bit from the higher utilization on the loan. Although, utilization on installment loans is weighted much less than utilization on revolving debt.

 

All in all, not a big deal. No worries. Just work on getting that loan paid down as fast as you can. Pay often and pay a lot.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
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