2006-07-24 16:06:39 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
Anytime you open a new account, your scores will probably dip just a little. But, they will recover fairly fast. Probably within the first 6 months as long as you keep the payments current.
2006-07-24 20:18:25 · answer #1 · answered by echo 7 · 0⤊ 1⤋
On average, it will take 90 days of payments before you see any type of effect, but the longer that you have a credit line open and payments made on time, the better your score becomes. It doesn't happen overnight and takes time. Be patient. Check out these sites for more info:
http://finance.yahoo.com/creditreports
http://www.bankrate.com/yho/news/credit-scoring/20031104a1.asp
2006-07-24 17:24:08 · answer #2 · answered by prez33rd 4 · 0⤊ 0⤋
It's not really going to be much different till the loan is paid off. (Be sure to pay on time too, because that's part of your reported credit history).
2006-07-24 16:11:32 · answer #3 · answered by Rockvillerich 5 · 0⤊ 0⤋
Once its paid off , it will go up a lot. Very quickly, car loans are one of the fastest and best way to get a good score on a credit..
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http://www.bestcreditrates.net
2006-07-24 19:11:55 · answer #4 · answered by Anonymous · 0⤊ 0⤋
you need to aquire three open lines of credit with some history of consistancy in payments.
One trick I learned ,was to get a couple of secured credit cards (backed with your personal funds).
2006-07-24 16:12:47 · answer #5 · answered by Douglas Merran 2 · 0⤊ 0⤋