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Ok, I traded my car in (That I still had a loan on) for a new car. The dealership paid off my trade and gave me a new loan for my new car. Equifax has taken off 17 points for my car being paid off and the loan being closed out. I am assuming that when the new car loan hits my credit I will be dinged for that as well. How long will it take for me to get back the points I lost for the full transaction? I have nothing negative on my credit in terms late patyments, collections etc.
The car trade was basically the same in terms of monthly payments.
I am still waiting to see what it does to the other two agencies as well.
Thanks for any and all information.
Steve
I was hoping to get some feedback on this?
We really can't tell you that. It's not simply a matter of exchanging X points in Y time for one auto loan versus another. There are a number of factors at play. After the new loan hits you have the following (that I can think of):
The HP will lose impact over 6 months to 1 year, IIRC and will fall off completely at 2 years. It's impossible to tell you when your AAoA would recover. You'd just have to do the math.
All that said, I don't recommend obsessing over the numbers. Focus on the data in your reports.
@Steveomatic wrote:I was hoping to get some feedback on this?
A day may seem like a long time but its not much time for any discussion forum site (where replies aren't even guaranteed).