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nballe23

Will having 2 auto loans on my credit hurt me?

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I recently refinanced our family vehicle solely under my name with DCU. I'm replacing my daily driver (long story- need to get out of my current car) and was approved a loan through NFCU, also solely in my name. Will having both of these reporting just as mine hurt me in any way?

I understand that my personal debt will be higher but with the budget I'm in, the total debt for both cars is under 18k.

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Not likely. Installment accounts have little affect on your credit score, unless of course they are negative. I have 3 auto loans (leases) on my CR and my scores are >800. The only negative will be in calculating a DTI ratio, but if your income can support the 2 payments I wouldn't sweat it.

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As long as your DTI is fine, I would think it might help.

 

DTI isn't part of your credit report.

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