Score drop for not having an auto loan?

[masscredit]

My car was recently damaged in an accident, possibly totaled. If that is the case, I might use a friend's car while I decide what I'm going to do. I want to buy what I want and not have to rush into making a purchase because I need a car. I know FICO scores like to see a mix of credit cards and loans. What kind of a hit might I take for not having an auto loan?  My current score is good enough for the best rate and I'm concerned about jepordizing that by not having a loan. 

[pizzadude]

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@masscredit wrote:

My car was recently damaged in an accident, possibly totaled. If that is the case, I might use a friend's car while I decide what I'm going to do. I want to buy what I want and not have to rush into making a purchase because I need a car. I know FICO scores like to see a mix of credit cards and loans. What kind of a hit might I take for not having an auto loan?  My current score is good enough for the best rate and I'm concerned about jepordizing that by not having a loan. 

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Do you have any other open installment loans?   We've noticed a few people take a hit on the FICO08 score model if their only installment loan closes.

[masscredit]

The auto loan is my only one.  Credit card utilization is in the .001-1 range. Have been playing with that to see if I can gain a few points. I finance with DCU and would do that with the next loan. 

[pizzadude]

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@masscredit wrote:

The auto loan is my only one.  Credit card utilization is in the .001-1 range. Have been playing with that to see if I can gain a few points. I finance with DCU and would do that with the next loan. 

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Has the loan reported as closed yet?  You could go ahead and apply with DCU and they might pull your credit before that happens.

[masscredit]

That's a good idea. The accident just happened so I'm just starting the process. If the car is going to be totaled, I could get pre-approved around the time that it's paid off. I believe that approval might be good for about 30 days. 

[pizzadude]

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@masscredit wrote:

That's a good idea. The accident just happened so I'm just starting the process. If the car is going to be totaled, I could get pre-approved around the time that it's paid off. I believe that approval might be good for about 30 days. 

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Yep, I think most lenders will give you at least a month to find a car so hopefully there won't be any impact.

[yepbob]

I just refi'd my auto loan so my loan through GM reported as paid off today - new refi loan. It reporting yet - and I lost 21 points on myFico and that was the only alert and my only installment loan reporting. I'm hoping I gain those points back when my new loan reports...

[pizzadude]

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@yepbob wrote:
I just refi'd my auto loan so my loan through GM reported as paid off today - new refi loan. It reporting yet - and I lost 21 points on myFico and that was the only alert and my only installment loan reporting. I'm hoping I gain those points back when my new loan reports...

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Hopefully you'll get them back.  We've noticed several people reporting FICO08 scoring hits when their only installment loan closes.

[masscredit]

I was just thinking, if it's going to take me longer than a month to figure out what I'm going to do then find or order a car, I could take out a small personal loan then pay it off when I'm ready to get another auto loan.