Will trading in a car I bought last year for a new one negatively affect my credit rating?

I am not satisfied with the vehicle I purchased in 2006. I want to trade it in for a different one. Will this have a negative effect on my credit score? I plan on purchasing a home in 2008 so if it will have a negative impact on my credit score I will keep it until my home loan is secured. Please only serious replies.

Will trading in a car I bought last year for a new one negatively affect my credit rating?
The only thing that will effect your credit is late payments. Staying in debt actually looks good on your credit..as long as there are no serious delinquencies. It is harder to get a loan if you have no debt.. go figure.
Reply:I don't know of any reason why it would hurt your credit, but in most cases unless you have a pretty good part of the car paid off you are going to find yourself "upside down" when trying to trade in after just a year. That means the total debt on the car is beyond what it's actually worth so that you would have to add a significant amount of that debt onto the price of the new car making it far too expensive to make the trade.

lilac