will my score go down?

907grown · ‎08-19-2009

Approved for a used car loan, will this bring my score down? If so, how long will it be down for? EQ score is 468

Thanks

Starting Score: 460
Current Score: EQ 764, TU 764, EX 740,
BOA AK AIR 30,000, Discover IT 6300, Freedom 25,300, Barclays RMC 15,660, Ring 15,000, BCE 15,000, QS17,000,AARP 15,000, ChaseFU 8,000,AND A LOT MORE!

marty56 · ‎08-19-2009

Not counting the INQ, you may get a new account score hit and Iknow EX gives a hit on a new installment account until you make your first payment. IMHO at most, the new account we effect your score for a year

Having said that, we should never be FICO score poor in being afraid to apply for credit that we want to use.

Good luck with the car and your scores will take care of themselves.

1/25/2021: FICO 850 EQ 848 TU 847 EX

Anonymous · ‎08-19-2009

I think after a year of on-time payments that loan will have a positive impact on your score.

Anonymous · ‎08-19-2009

I think that with sub-500 scores a mere 6 months of perfect payment could even push up scores. I don't think you will take much of a hit for the account. Treat it right, its a chance to get it building back in the right direction.

Congrats on the loan.