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Posted in Auto Loans
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Sabi8381

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Why did my score go down?
I recently traded in a car and bought a new one and figured it would either help my credit or keep it the same. To my surprise the closed account from the bank that I paid off the previous is what's hurt my score. Why is this??

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Taking on new credit will always drop your score a little, but only (relatively) temporarily. It'll recover in a few months with regular payments.

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