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Will this loan drop my score?

max11925
Established Member

Will this loan drop my score?

I currently have 690's across the board and a current auto loan through Ally financial that has been open for a year I bought a 12 Volvo with high mileage and it bit me in the behind with repairs so I rolled in 1k worth of negative equity into a 17 Sonota Sport with 15k miles my balance with Ally was 8600 @ 13.32% I now have a loan that hasn't hit my report for 20k @ 8% through Five Star I want to know if that will tank my credit score or not because of the debt to income as I might bang out a couple credit card apps before it dies if so
Message 1 of 3
2 REPLIES 2
ridgebackpilot
Established Contributor

Re: Will this loan drop my score?

Usually your scores will take a small hit for paying off and closing an auto loan. But when your new loan begins to report, you should get those few points back. So it will be a wash! Of course, YMMV.

 

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Hitman_101
Frequent Contributor

Re: Will this loan drop my score?

every profile is diffrent for me nothing happen score did not go up or down 



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