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Why did my auto loan lower my credit score so much?
My credit score was 734. When I got an $8300 auto loan, my score dropped down to 694. I have always had good credit and make my payments on time. Why did my score drop so much? I also have a credit card account that I pay off to zero every month. I have 7 closed accounts. I thought that getting an auto loan was supposed to raise my credit score... Help!

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