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Posted in Auto Loans
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korina099

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Car lease & diving credit score
Hello CK,
My Excellent credit score took a nose dive of 20 points when I got a lease on a $12,000 car but ironically in the Credit Score Simulator, when I put in a 12,000 car loan it says it only affects my score by 2 points. Is that normal to take a 20 point dive for a lease and is there any way I can bring up that score again to where it was in a timely manner?? Thank you!

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I can't answer as to why it dropped 20 points, but in about 6 months your scores will improve and probably go higher than when you took the lease.  It takes about 6 months of on-time payments to get the score moving back up.

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