How long will it take to get my points back?

[Steveomatic]

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

[Steveomatic]

I was hoping to get some feedback on this?

[takeshi74]

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):

• Hit to mix of credit from having the old auto loan closed out.
• Hit from the HP for the new auto loan.
• Hit to AAoA for the new auto loan.
• Change to mix due to the new auto loan.

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).