Hey guys just bought a car and my score dropped more then 50 points please help!!

[Nelly510]

Hey guys i just checked my credit score today, its been 1 month since i bought a car, when i bought my car my equifax which they pulled was a 640 and now that i checked it, it is a 572! thats a 68 point dropped, i never heard of it dropping that low, please help as im trying to get approved for a house by the end of this year and i need at least a 640 again.. Thank in advance!

[MarineVietVet]

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@Nelly510 wrote:

Hey guys i just checked my credit score today, its been 1 month since i bought a car, when i bought my car my equifax which they pulled was a 640 and now that i checked it, it is a 572! thats a 68 point dropped, i never heard of it dropping that low, please help as im trying to get approved for a house by the end of this year and i need at least a 640 again.. Thank in advance!

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Hello and welcome.

Where did you get the 572 score? I ask because there are few places these days that will sell you a FICO score.

[marty56]

Possible that they gave you an auto enchanced FICO score which would be different then the one you can buy here.

[JenniferinFL]

Is it unusual for there to be a drop with a new loan?

My husband has scorewatch on here and his credit dropped 25 points the day his auto loan posted here. That was definitely just the loan, well, at least it scorewatch is accurate. Nothing else had changed in the two days previous.

[pizzadude]

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@JenniferinFL wrote:

Is it unusual for there to be a drop with a new loan?

My husband has scorewatch on here and his credit dropped 25 points the day his auto loan posted here. That was definitely just the loan, well, at least it scorewatch is accurate. Nothing else had changed in the two days previous.

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Anytime a new account is added to your credit reports there is possiblity that your FICO score may drop as a result of having a lowered average age of accounts ( AAoA ).     Generally the effect is larger if you have fewer accounts on your CR, and smaller if you have many accounts.

[bettercreditguy1]

I purchased a new car, waited till the loan posted to the cras.  My TU (from MYFICO) dropped 11 points.

[Nelly510]

wassup i got my score from usaa.. is this a good place to keep track of my score?

[llecs]

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@Nelly510 wrote:

wassup i got my score from usaa.. is this a good place to keep track of my score?

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The scores from USAA are FAKO scores and lenders don't use them. It's not a reliable way to compare them to your FICO scores.

[Nelly510]

whats a good place to keep track as im trying to keep track of my score so i can purchase a home

[llecs]

MyFICO, outside of your lender, is the only place that offers your EQ and TU FICO scores together. As of a few years ago, Experian blocked your access to your own FICO score and you cannot buy it from anywhere without the help of a lender, though there are some CUs out there that will offer it to you as part of a benefit.