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How many points will my credit score go up with a car loan?
I'm buying a car with a car loan. My credit is decent right now, but I'd love it if the loan bumped my score up a bit. How many points will a car loan boost my score?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Patience is a virtue, and that’s just what you’ll need to see your credit score improve from a
car loan
. When you apply for car loans, your score actually drops five to 10 points due to the hard inquiries on your credit report (which means a lender pulls your credit).The good news is that this is only temporary. As long as you continue to pay on time, your credit score will gradually rise due to an increase in credit history and your credit mix (revolving and installment loans).
Remember, your lender will require you to have full coverage car insurance. Use the
Jerry
app to compare rates so you can find the best prices on the policy that is right for you. View full answer
- Gregory R.
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