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12-21-2007, 02:55 AM
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 New car loan question (Credit) Thanks!?
Hi, I bought a new car about 4 months ago. The car was $18,000. My credit was only like a 540 when I got the car. My question is, they told me that when you take out a new car loan or any loan it lowers your score. How much?and how long until it goes back up? ive made all four payments on time 2 weeks early all four times. Thanks!
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01-14-2008, 12:37 PM
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Typically your scores will lower because you are taking on new debt. You probably won't see them increase this quickly, however after making 6 months worth of payments on time and paying your balance down some you should start to see your scores rise gradually.
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