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
DaveySC

0 Contributions
0 People Helped
New loan made my credit dip before the first payment
I got my first car and car loan about a month ago, and I noticed that before my first payment was even due my TransUnion score had dipped more than 50 points and it started me off with a poor Equifax score. Is this common?

Just a little note, in case it helps. My mom had added me to one of her credit cards to give my score a boost. It was sitting at 710-720 transunion (no equifax) before I opened the new loan. The credit card is still in good standing.

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
986 Contributions
545 People Helped

Can't comment on the 50 point drop itself. However, not only it's common, it's expected for your scores to drop when you take on any new line of credit, from inquiry(s), new account/age of credit and more debt for loans.

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.