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| *Loan,banking and credit>>>auto loan |
Does your credit score go up when you get a auto loan,and about how much? |
Does your credit score go up when you get a auto loan,and about how much? Most at this post are correct as your score will not go up automatically because of your car loan.A few inquiries will not affect your score as well. Too many inquiries will lower your fico score(beacon) as well. A sure fire way to manipulate your fico score would be to make a somewhat large payment at the beginning of this loan. The reason is that more weight is based upon your balance compared to your credit limit on this car loan. So if you borrowed 20k and you owe 20k then your at 100% not good but if you paid 2k on this loan, now your at 90% better 80% great Source(s): http://www.creditease.net it will go down temporarily I think (from the auto place checking the score) . . . I'm not sure how much it will go up after a few successful payments but it should go up. If you take any loan and make regular payments, your credit score will go up. Actually your score will go down a little at first because you have made some new inquiries and also you have increased the amount of debt you carry. As you start making on time payments and it reports to the credit agencies you score will go up slowly but steady. Since its a formula with a lot of variables there is no way to guess about how much it will go up exactly. My guess would be a few points a month. Just make sure you make all your payments on time. |
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