Car Loan?

[KatalanMoon]

Okay, here's my story. A few years ago, I got myself into debt on 5 different cards. This year, I paid everything off (consolidated) and am making sure my credit is reflecting this. I now have one open credit account and have been making regular payments. My FICO score is between 550 and 610, depending on which CRA you look at. I am wondering...does anyone know how much a car loan would boost my score? I am pre-approved and considering signing tomorrow, but I want to make sure I'm making a good decision. I'm paying on about $6200 consolidated debt and the vehicle would be about $14500. Any ideas?

[Anonymous]

You will likely take a short term hit for the INQ's and avg account age.  I sould like you have a installment loan already- (so the mix is not going to help)

Do you have any open Revolviing lines?

---

KatalanMoon wrote:
Okay, here's my story. A few years ago, I got myself into debt on 5 different cards. This year, I paid everything off (consolidated) and am making sure my credit is reflecting this. I now have one open credit account and have been making regular payments. My FICO score is between 550 and 610, depending on which CRA you look at. I am wondering...does anyone know how much a car loan would boost my score? I am pre-approved and considering signing tomorrow, but I want to make sure I'm making a good decision. I'm paying on about $6200 consolidated debt and the vehicle would be about $14500. Any ideas?

---

[KatalanMoon]

I have the one credit card account open and a student loan that is almost paid off. Those are the only things that are current and on time. Everything else was paid this year and some things are still reflecting negatively but I am trying to get things updated so they reflect a paid status.