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Posted in Auto Loans
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Question By
gulitza

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A new auto load can dramatically hurt your score?
December 2012 got my 1 credit card (secured one) . Until July 2013 my score have increased from 640-704 points.

In August 2013 I open another CL with 5K limit. My score goes up to again.
Currently I have 769 p. credit score. The only debt I have is the current balance on my credit card. Have never had a late payment and it is paid off every month.

I want to add now (August 2013) a car loan for about 15K. Credit score simulator give me a new score of 707 p., … drop 62 p.... is this accurate? Will go up after payments? Seems like I’ll hurt my score with this loan and I can't figure out how it need to be done right.

If anybody has the answer/suggestions I’ll really appreciate,

Thanks.

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Top Contributor
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I expect you will take about a 20 point hit for a couple of months, although I just cosigned for my daughter and my score didn't change at all. The account does appear on my report.

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