Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Auto Loans
Profile Image

Question By
wolverine4

0 Contributions
0 People Helped
Could tell me what affect taking a car loan would have on my credit score? .
Could tell me what affect taking a car loan would have on my credit score? I have not had any loans for years. I want to increase my credit score which went from 800 to 701 due to an investment property mortgage settlement for less than the full balance. If I take out a 20,000 2 or 3 year auto loan and make payments on time or pay it off early how much could my credit score increase? I am aware that your response will be your estimate and opinion and not a guarantee. Thank You

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
3051 Contributions
2786 People Helped

It will take a dip at first, but over 5-7 months it should increase.  Can't really say how many points yours will go up, but mine went up about 30 points.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.