Since I just got my new car and a 60 month loan to go with it, how much of a hit will my credit score take when the loan first reports? Will there be a certain age the loan must reach to gain back the points? How good will my credit look in 5 years when the loan is paid off?
I DON'T have a car loan...the credit report said I shouldn't get one just because I lose points with-out one...OR SOME SUCH WORDS...
Matty, I don't have an auto reporting (hidden debt) but I just had 3 new credit cards report this week. I was scared of the big "hit". Luckily I took a 37 pt jump on Experian, 63 pt jump on TU and 28 pt jump on Equifax for the three. I was at 100% of credit available before and now I'm at 79% of credit available. I don't understand it...but that's how it panned out, just checked all 3 reports before reading here today.
