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Additional Details
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MS.B | My current experian credit score is 637. If i finance a car loan will it bring my score up? |
I just got approved for two department store cards and got rejected for one or two majors. I know the fact that the lenders are checking my credit affects the score but with the car loan will it bring the score down? |
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Keith Perry
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A car loan will only bring the score itself down if you do not make payments in a timely manner. Now having car dealers pull your credit each time you find a car you might like.. yes that will bring it down dramatically.
I had a car dealer pull my credit 13 times and it took me wayyyyyyy down. I was furious.
This will change your income ratio though as far as being approved for other things. If you have a car loan against your name then you will need to make sure you for the next loan you are making enough to cover both or they will reject it. |
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Amanda H
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First, "income to debt" does NOT FIGURE INTO CREDIT.
If all you have is 2 CC's, a car loan would be great-- for your credit to improve, you need both revolving (CC's) and installment (loans).
That said, it might not go up immediately, but within 6 months if you are making steady payments, it will help immensely, and in a couple yeras you could be in the 700 range. |
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lingua06437
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Short term = lower it
Long term = raise it
For the short term you will have a new debt and that will lower your score. However, if you make your payments on time, over the next few months your score will rise. Plus, as you make your payments your debt ratio will lower. Should be about 6 months for the effects of this to come in and your score will start to rise.
Good luck! |
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Shofix
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The series of recent credit checks will bring your score down slightly, as will the credit check for the auto loan. After you begin paying off the auto loan, your score will rise.
If you miss payments, the score will be hurt, probably by more than having the loan would help, but if you pay the whole thing off on time, you're good to go.
Hope this helps! |
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Private Account
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It will bring it down... but as soon as you start making payments on time... and when the car is all paid off, it should be higher but only if you don't make late payments. |
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flowerspirit2000
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THE SCORE IS CALULATED BY YOUR PAST PAYMENTS....NOT YOUR AMOUNT OF DEBT....IF THE AUTO LOAN IS APPROVED AND YOUR PAYMENTS ARE MADE ON TIME IF WILL ONLY IMPROVE YOUR SCORE |
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Michael M
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No - actually it will lower it at first. After you make timely payments - 12 months - it will start to raise it. I work in the mortgage business and that is a common mistake. Also it affect the DTI (debt to Income) ratio making it harder to purchase a home. Honestly, it is easier to purchase a home than it is to purchase a new car. The banks lose money as the car gets older and loses value, the home, increases in value so the banks feel safer giving money for a home loan. |
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lilv_03
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It'll bring it down... they'll finance you for as much as they can, and it'll mess up your debt ratio and bring your score down until you pay a couple payments.... once a couple payments have been made, your credit score with start to even out... in the long run, it'll help it... but for now it'll bring it down. |
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limgrn@sbcglobal.net
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Each time you authorize a creditor to review your credit you get a little ding on your report. So take it easy when applying for credit cards. A credit score of 637 is fairly average both on the low side of average. You can mostly likely be approved for an auto loan but may have a slightly higher interest rate. Having the additional debt will affect your Debt Ratio which will in turn effect your credit score. As you make your payments on all your outstanding debt on time and in full you will improve your score. |
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eGuy
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the most important thing in credit is for the creditor to see that you make your payments on time financing a car loan might bring the score down for only few months but it is a good thing to do in the long run if you make payments on time make sure you get the best deal when you finance this might be a good place to start and good luck
http://www.nohasslebargains.com/loan/id5.html
AUTO Loans
Financial Services |
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Vegas
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Work on improving your score. Close credit card accounts. Make payments on time. Do not max out credit lines. Do not take any offers of 10% off for dept credit cards. JUST SAY NO!!! |
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jeff the drunk
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Any credit inquiry, with exception to ones that you make can and usually will bring your score down. If you get a loan, it brings your score down until you have made enough payments on the car to show your creditworthiness. Its ok that you were declined by a major credit card. I know Amex is very very picky with giving out their cards, I was declined and I had a 684, but I also have a BK from over 2 years ago. If you can, I would seriously look at going to http://www.freecreditreport.com and looking at your credit report, and even ordering reports from all three, Trans Union, Equifax and of course Experian. If you see stuff in there that shouldnt be in ther, get on top of it immediately, make calls, write letters, doing what you can to clean it up. Who knows, you might find addresses on there that are not even close to you.
Your best bet though, is to establish your credit, ok, you got approved for cards from dept stores, they hand those out like candy, but they are not what you really want. Ok, so get the card, get some things on the card and pay it off immediately. If you dont have the cash at the end of the month, then dont get it. See what I'm saying? Trust me, you'd be better off going without than f-ing up your credit over a stereo, or clothes or what not.
As for a car loan, If you already have a loan and are trying to see if you can refi your loan through a differen t bank for maybe a better interest rate, I say go for it. It might save you a few bucks a month. If you are just trying to see if you can even get approved for a car loan, well you'll have to call your bank or credit union for that. First sit down and think about what you can really afford in a monthly payment, $200? $300.... $500 Then you have to figure out insurance, maybe say on average $100 to $200 a month, depending on your record, car, etc... And dont forget about gas, you'll have to at the very least blow $$ for at least 4 tanks of gas a month. Unless you dont plan on driving much, so plan on it being about $200 a month on gas, roughly. You're better off oevr budgeting these things as much as possible. So now you are at about $500 to $900 to pay for your car, gas and insurance. Roughly.... If you can actually afford that, then go to the bank and tell them what you can afford to pay per month for a car payment, and from then its really up to them.
But at first, your car loan will bring your credit down. Its not until you've paid on it for a while that your score comes up. Just dont get anymore inquiries from banks or credit card companies, that ruins your credit rating and all for nothing too. |
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Nancy Kay
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down -- because it will be another credit account at full balance, and changes your income to debt ratio, too |
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vbrown1004@sbcglobal.net
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Your score is calculated by your debt to income ratio also.
The car will only bring your score up if it is paid ontime and your credit cards aren't carrying a balance month to month. |
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cristanine
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Your score should rise, but what is lowering it is credit checks and the worst of them all revolving credit...which is when you use a credit card and don't pay the balance off within two months.
Let me remind you that credit cards is something of a here's the money, but don't use it where you canp;t pay it off in two months theory and trust me.. your crediot score will continue to drop as long as there is a balance. FACT! |
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Lil
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All I know is that the more debt you have the more your credit score goes down. Mine did. I always make my payments on time, but I have a lot of debt, and my score went from a 750 to 613. It hurts. |
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bob
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one you have to be approved for the car loan, next thing is you have to make payments on time, and dont pay off the loan early. that will help your credit score out |
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jv637
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wow, you got higher score than me. 637=always and forever.. hihi |
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eric r
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Yes, most likely the car loan will bring down your score. Every time you request more credit, it goes down on your record. The fact you recently got 2 cards, and were rejected by 2 others (especially this part) have hurt your score. I would encourage you to wait a little while, if you can, allowing the recent pulling of your report to age some.
Think of it this way, you recently requested 4 loans of some sort (cards and whatnot) in fairly short order, and to the people looking at your report, this looks like desperation for credit. You also extended your available credit some, increasing your credit availability to your income (making some assumptions, but this is probably what creditors are thinking). Thus, you may get rejected for the car loan, hurting your score more, or if you are approved now, you will probably get a poor interest rate. So hold off on the car loan and any other applications to get yourself a better score and interest rate. |
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