new account

[babbles]

Hello,

I just opened a new loan account @ 7k for 48 months.  My scores are around 732.  How much will this new account drop my scores if anyone has a thought?  My last account opened was Aug 2007.  I do not plan to keep this account opend for 48 months but pay it out right over a year or should I pay it down as close to zero as possible and keep it open for 1-2 years before paying it out?   Any thoughts or suggestions would be appreciated.

[llecs]

If you have any other open installment loans (loans like the one you have, car, etc.), then I'd expect a drop, under 20 pts, and would last for a short period of time (few months).

Paying this loan off sooner rather than later won't help your score much at all. However you'd save $$$ in interest.

[Anonymous]

actually, after the first ding for inquiry you will probably see an increase.