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Posted in Auto Loans
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sumastorm

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How soon will score recover from New Ca Loan Added?
Last month I purchased a new car. Score today took a - 15 hit from new account detected. How soon do you typically recover from new auto loan assuming payments are made on time? Thank you :)

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While you may have taken a small hit from obtaining auto financing this can most likely be attributed to your current credit utilization.  Making your payments on time and paying down your balance will quickly restore your score to its former glory and then some.  Within a few months of these on time payments your negative hit will be a thing of the past.  On the plus side having a rounded portfolio of credit lines, I.e. Credit cards, auto loans and mortgages is attractive to lenders and will benefit your Fico in the end.  Nailing down an exact timeline is difficult as your score is constantly affected by multiple factors, but you shouldn't concern yourself with such a small and short term effect.

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