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 Credit Scores
Profile Image

Question By
Whong

0 Contributions
0 People Helped
credit score dropped with new car loan inquiry
I recently leased a new car in January and yesterday the car inquiry showed on credit karma, from that my score dropped 75 points! That seems like a high drop for a hard credit inquiry, is this normal? Prior to this my credit score was increasing to 725, making on time payments with my open credit cards.
Any help would be greatly appreciated, 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
125 Contributions
133 People Helped

The loan itself...

It's not just the inquiry that lowered your score.  It's the loan as well.   Think of the score as a "quick, at a glance" indication of how much of a risk you are.  The lower the number, the higher the risk.

Basically, keep making on-time payments on the loan, and even pay 10% more if you can.  Don't forget about your other bills.  This will show you can pay your bills on time.  In a matter of 6-8 months, I would expect that you will get all of those points back PLUS more.

Good Luck!

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.