Auto Loans

[nikolean]

Hey there FICO Family,

I am getting ready to apply for my 1st car loan! I'm 27, with a stable career (I've been w/ my company 2+ years) and I'm rebuilding. I have a Cap1 Rewards with $1500 CL, currently at $1350; a CC through my CU $1000 (currently at $998) and a new VS Card $350 currently at $80.

I'm planning to pay down both of the two cards by mid February. I'm wondering if Cap1 would be able to use the real time balance of my Cap1 CC in the underwriting or if they just use the last balance shown on my report.

Thanks for you input!

[HoldingOntoHope]

I believe the auto finance and credit card divisions are separated. Although they tell you in their privacy statements that they may share information among themselves or their affiliates I do not believe that they specifically request a current balance on the credit card but go by the reported balance and history at the time of application.

If for some reason you were denied the auto loan and the credit card balance was the prime factor you might get them to look at it on a reconsideration.

[Cadillac-XTS]

Yes they will be able to see it as your acct info will be listed in the credit report(s) they pull.

[nikolean]

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HoldingOntoHope wrote:

I believe the auto finance and credit card divisions are separated. Although they tell you in their privacy statements that they may share information among themselves or their affiliates I do not believe that they specifically request a current balance on the credit card but go by the reported balance and history at the time of application.

If for some reason you were denied the auto loan and the credit card balance was the prime factor you might get them to look at it on a reconsideration.

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Thanks... this was helpful

[nikolean]

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Cadillac-XTS wrote:

Yes they will be able to see it as your acct info will be listed in the credit report(s) they pull.

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I know they can see it in the credit report. I was asking if they could see the real time balance  that may have changed since the last report to the bureaus.

[HoldingOntoHope]

Please tell us your experience. Did you get the car and was the reported credit card balances an issue? Inquiring minds want to know.

[peacocks27]

They can only see what's the last statement balance, or what was last reported. If they want to do a detailed look, then they can do that, but I doubt they'd spend that much time unless your credit report pushes them to do so.