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Ladybirdonrock

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Paid off car, credit went down, need to up credit score to buy a home.
We are looking to buy a home within the next year. I have no accounts at the moment other than my student loans. We just did an early payoff on a car loan and my credit score went down. I need to get it back up quickly. I also need a new/used car. If I take out a new car loan at this point it this going to help or hurt? Also how quickly can a credit card up your credit score. I'm thinking to get a credit card to help out (of course I wont spend more than 30% and will pay off each month).

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Yes, whenever you close a loan or account, your score drops because you've "lost" that available credit, so it messes up your utilization and your mix of credit.  Getting another car loan and a credit card will help in the long run.  You score will drop when you open new accounts, but as you make payments on the new loan/card, it will increase.  For best results, get a credit card and keep a 1-3% balance on it at all times.  Best of luck!

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