my exp dropped 30 points when the new loan came into effect, i guess the amount of debt owed soared with a new card, however now that my credit lines are about 4-5X the amount of the car loan it has less of an effect.
I saw something similar with a recent car loan. I thought that because a car loan was installment vs revolving that no relationship to the revolving debt existed? Does anybody know how much time has to pass before the impact from a new car loan goes away?
Just my personal experience, but my scores haven't really changed in the past as a result of my auto loans. In fact, I have an auto loan that was reporting on my reports that was open and current, and for no real reason, the account is now listed as "closed/transferred, never late". So, the account now shows a zero balance and my score didn't change at all. The same account was reporting twice on Experian (looking like twice the debt) and when it was fixed and only reported once, the score didn't change at all either.
My new auto loan (just refinanced) showed up about a week ago. There was a 1 point increase... so I'd say it probably does neither. By the way, the loan I refinanced from is still showing the full balance. I'm guessing they should be updating that to $0 next month.. so I'll see how it'll affect my score.
me personally, when my auto loan showed up a couple of weeks ago, (it showed up on all 3 bureaus 4 days after they cut me the check, they cut me the check on Fri, Tues it was reported OUCH!!!) my Efx score went from the 690's to 654. The next week score went back up to 660's but has not moved since. Same day though I also had a line of credit from the same bank show up, 0 balance though, so mine probably took a bigger hit for 2 new accts.
