Credit Score?

I just financed a new car. My mid credit score was a 627. Will my credit score go up or down from taking on this loan? By the way I'm 18 months out of Chapter 7 bankruptcy. (Discharged) I received an 11.9% interest rate with Wachovia. Is that good?

Public Comments

1. down until you have paid on time for a while.
2. it should go up for having another open line...
3. It will go down at first, but it will climb as long as you are ontime with your payments. Also, if you have a credit card, it will go up more by making payments that are more than the minumum each month. Mine was 595 about a year ago, and I've got it up to 685 by doing just that.
4. Initially, it will go down because of the inquiries for applying and the added debt to your utilization ratio (debt to available credit), however once you develop payment history, which usually takes at least a year, your score will definitely improve.
5. It will go down for a short time because you have taken on more debt and have made a hard inquiry or two for the loan. It will go back up once you have made timely payments on the account. In fact, it could go up higher than it was before you got the loan.
6. At first it will go down..But, once some payments have been made it will become higher. It's just how it works.
7. It depends on what you do with the loan. If you pay it on time, and don't make any other mistakes, it will go up. If you default or make mistakes it will go down. Simply getting a loan does NOT in and of itself affect your score only your debt load ratio.
8. Your credit score might go down at fist. However after you make a couple of payments it will go back up and get better.
9. Auto finance is what I do for a living and it will drop a few points at first due to the additional debt and the inquiries on your credit. It will slowly rise until you have established a good payment history, about 10-12 months, at this point it will be higher then it was when you got the loan by around 50-points. And yes a 11.9% rate for someone 18-months out of bankruptcy is outstanding.
10. For the first few months your credit score will decrease slightly. After you have established a positive payment history on this loan, your credit score will increase. As long as you continue to make payments on time, your score will continue to increase. Without looking at your overall credit report, I can't tell you how much it will increase. If you are interested in boosting your credit score, here are a few tips: * Make sure you have NO outstanding collections. If you have collections on your credit report, pay off the most recent ones first. The newer a collection is on your report, the more damage it does to your score. * Keep credit card balances to a minimum. A large portion of your credit score is determined by your revolving credit accounts. If you have a $500 limit on a card, and you are carrying a balance of $480 on that card, you are seriously harming your score. Pay that card off any you will see an increase in your score. * The ideal # of revolving accounts is 3-5. If you have 6 or 7, I wouldn't worry, however if you have 20 you are damaging your score. Close a few of these, but be selective. A credit card that you've had for 10 years but haven't used in 5 would seem like the one to close, BUT that would do damage to your score. Even though you aren't using the account, it is still open and has been established for a long time. You definitely want to KEEP this card. * Keep inquiries on your bureau to a minimum. Every time you request a credit card or loan, the company will look at your bureau. Too many of these in a short time will decrease your score. Inquiries are deleted from your credit bureau after 2 years. Last, but not least, check your credit bureau for accuracy at least once a year. There are three major credit bureau agencies. Trans Union, Experian, and Equifax. You are entitled to a free credit bureau from each agency once a year. You can get your free copy at www.annualcreditreport.com If you find any inaccurate information on these reports, you can dispute it and it will be investigated.
11. OK. I have an idea. Stop surfing the web all day. Open up a newspaper and circle jobs that you may be qualified for. Call them and get interviews set up. Or go to a temp agency. that was really rude...youre comment rude??...do not even bother replying! thanxx.