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firstascent4

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Help raising credit score after paying off auto loan

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Forgot to include details =)

My credit score just dropped drastically, like 80 points!!!, after paying off my $50k auto loan. I have some student loans and a 6-month old secured credit card and trying to rebuild my credit from past collections and late payments. I've been doing really good now, so aside from just keeping on doing what I'm doing I was thinking of getting a secured loan and use my truck as collateral. I don't need the money and I now make good money but just trying to rebuild, so I would just put the money in a savings account and have the payments deducted automatically each month.

Do you think that is worth it or should I just keep waiting? I would like to buy a new car in 6-month months to a year but I'm going to need to bring my credit back up first. I'd buy the car now if I had better credit lol.

I appreciate any tips for my situation. And in case it helps, my scores currently about 515 on each. My EQ was 597 before I paid off my truck, I was pretty upset about that drop from doing something good (paying off a loan).

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