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Posted in Auto Loans
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Question By
Trissinho

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score dropped by 54 points after taking auto loan
my score was 720 when i got approved for a car loan and as soon as i got it in a month my score dropped to 664 about 54 points. Can anyone tell me why? it says new account added with balance of ****. Thank you for your help :)

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This is normal whenever you open a new account.  Once you've made a few payments, your score will come back up and probably exceed your prior 720 score (it did for me).  It does take a few months.  You take a hit for the inquiry and because of the change in your utilization.  Congrats on the car!

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Trissinho

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thank you! i was just wondering if it was normal thing but thank you for your responses :)

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It could be any number of things hard to say.

I purchased a new car last Setp 2013,  my score from from 762 to 754 a two months after and then back up to 764 a month later were it's stays at.

If you want to see what makes up my score look at my profile.  

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Why did my score drop?

I leased a car in April and in August my credit score droped by 45 pts. Why is that? 

My payments are on time. 

Please answer...

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Credit dropped after purchasing car

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The exact same thing happened to me and im now trying to find out why. I got an auto loan for 30k and now my score has dropped almost 40points.....

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