l have a credit score in the 780s, currently on my credit report the only debt l have is an 11k from my student loan (l only gradutated last year) and whatever the current balance is on my credit card.(l use it to buy gas only - have never had a late payment and it is paid off every month.)

I am now adding a car loan for about 14k, will this lower my overall credit score?l know initially it may because l have higher debt but will my credit score go back up when l keep making payments on it?

I am looking to buy a house in maybe 2 or 3 years and l wanna make sure my credit score wo not be negatively effected by then.

Thanks.

Car loans can be a stinker, let me tell ya!!! What would really help here is to know how much ur income is to determine u debt to income ratio. Also, whats wrong with the car u r currently driving? How much downpayment will u pay? Do u have a savings account?

Credit score is not the only thing that comes into play when buying a house. Other things r if u have at least 5% of the downpayment, ur debt to income ration, proof of employment for 2 yrs.

Do the math, find out how much downpayment u will need. How much u can save before & after a car loan. Also remember insurance on new cars is ridiculously high so get a few quotes. There is no sense in having an improved credit score only to be struggling to save for a house or an emergency.

Your score might drop a little initially, but as long as you make the payments on time, your score will quickly rebound.

Experts say that you need 4 revolving credit lines and 2 installment loans to have the best credit mix for the best score. Adding the installment loan should improve your credit.

Adding an auto loan for 14k may in the the first month or 2 lower ur score by maybe 3-5 pts. With ur score at a 780 this is NOTHING to worry about at all. the reason for the temporary score drop is because u would have an account without a lot of history, but this is nothing to worry about. Within 6 months of when u open the account ur score will actually start to improve & will most likely be better than it is currently.
As far as qualifying for a home, ur credit is MORE than good enough to qualify. Here is what lenders (including me) like to see for home qualification:
*credit score >680, credit >720 will give u more options
*at least 3% down payment unless u r a first time home buyer then u can still get a home with no money down.
*Good stable job history in the same line of work
*debt to income ratio of 36% (with good credit u can get approved for up to as high as 55% + in certain circumstances.though l would never recommend buying that much of a home)
*no bankruptcy for 1yr (ch 13) or 2yrs (ch 7) or foreclosure for last 3 yrs

basically, if u have a good job history, good credit, decent assets/down payment u will havabsolutelyly no problem qualifying. l would guess u could actually qualify today if u wanted to or were ready to buy.