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Auto Loan Credit Affect Timing Question

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nglassman82
New Member

Auto Loan Credit Affect Timing Question

Hi, I'm in the precarious situation where my wife and I are planning on purchasing a home in May and I am currently interviewing for an outside sales position at work. If I get the position I will need to purchase a car and while I have a savings I'll still need to take out an auto loan (8-9K). What type of an affect can expect on my credit if I take a loan out in February and apply for a mortgage in April?

 

My scores are currently: Exp: 680 Trans: 668 Equ.: 662

 

My wife is in the 700s however I will be the primary borrower. Any insight anyone can provide would be greatly appreciated!!

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1 REPLY 1
09Lexie
Moderator Emerita

Re: Auto Loan Credit Affect Timing Question

Obtaining a new auto loan that close to applying for a mtg is generally not wise. General rule is no changes to your CR's 6 mos prior to applying. However, YMMV and with a new job and the auto - a good conversation with your UW may help. 

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