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Credit Score: Help!
My credit score was 700. I bought a new car and it dropped to 598. Is this something that will rebound quickly with on-time payments?
Asked by
btietjens01
1 year ago
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More than likely yes. The new account could have pulled your average age of credit history down below 2 years. This sucks good scores dry. Also, the addition of additional credit owed, and no payment history for the car loan pulled the rest of your score down. I'm assuming you do not have a long history and only a few accounts open, correct? If yes, a new car loan will definitely drop your score like a stone. Give it 6-12 months and your will be beyond 700.
scamps218 7 months ago