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Posted in Auto Loans
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CreditCrisis2015

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Auto loan drops me from 740 to 665......?
Hopefully someone can help me, just took out a $9,000 auto loan 3 months ago and I noticed my credit dropped significantly just this month. I have made every payment on time and have even stopped using my credit card. There are no other changes on my account but I went from a score of 740 to 665 for my transunion score yet my equifax score remains high. Any advice is appreciated . Is this normal? How do I raise it fast?

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The auto loan may have just reported. You said you quit using your credit card, not showing any revolving activity is bad for your scores. It is typical that when you assume more debt your scores will suffer. Transunion and Equifax are two different companies and will not have the same results for you. Something else could have changed on your Transunion report. You could be going by FAKO scores and not real FICO scores and they do screwy things and should not be given any attention, FICO scores are the important ones, pay attention to what they are doing.

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