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Senior Contributor
fishbjc
Posts: 3,331
Registered: ‎11-30-2007

Re: Honda Financing F'd Me!

FICO allows you to rate shop, which is why you will see people saying that you may apply for credit at several different places for auto financing within a 2 week period.  All of the inquries will actually show on your credit report, but will only count as one.

 

Unless it's NFCU, the way they coded.....got me dinged twice.

Frequent Contributor
JaeJae12
Posts: 315
Registered: ‎04-15-2013

Re: Honda Financing made me mad!

Just my opinion OP, u said you make 6 figure how come you don't try to save some $$ per month to buy the car right out instead of getting financing? Just wondering

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Established Contributor
shaun2009
Posts: 637
Registered: ‎03-07-2013

Re: Honda Financing made me mad!

[ Edited ]

umm i dont know if this will help but i have less than perfect credit and i got financed with Honda just recently actually two cars one Financed and the Other Leased and my credit sucks bad.... if you can see below.... I co-signed for my mom and then my mom co-signed for me but i make more than my mother at the moment so income was solely based off me and i make a little under 32k a year... not the mention the lease was for a 2005 hond accord trade which was with Santander  they paid it off  but only gave me 10k for it and leased me a 2013 Honda Accord Coupe ... not the mention they didnt give me the value of the car and my payoff was way greater by about 3.5k and i did a down payment of 1.2k  and my mother only did 600 and left with a used Financed 2011 Honda Accord Sedan ......her payments are 404 and mine are 656 sadly but i plan on trying to finance soon and stretch those out because they came up with cant generate for me with Auto FICO score..

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Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012

Re: Honda Financing made me mad!


shaun2009 wrote:

umm i dont know if this will help but i have less than perfect credit and i got financed with Honda just recently actually two cars one Financed and the Other Leased and my credit sucks bad.... if you can see below.... I co-signed for my mom and then my mom co-signed for me but i make more than my mother at the moment so income was solely based off me and i make a little under 32k a year... not the mention the lease was for a 2005 hond accord trade which was with Santander  they paid it off  but only gave me 10k for it and leased me a 2013 Honda Accord Coupe ... not the mention they didnt give me the value of the car and my payoff was way greater by about 3.5k and i did a down payment of 1.2k  and my mother only did 600 and left with a used Financed 2011 Honda Accord Sedan ......her payments are 404 and mine are 656 sadly but i plan on trying to finance soon and stretch those out because they came up with cant generate for me with Auto FICO score..


So you have over $1000 of car payments on your reports and an annual income of $32k? So your DTI from the auto loans alone is around 40%?

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Established Contributor
shaun2009
Posts: 637
Registered: ‎03-07-2013

Re: Honda Financing made me mad!


Dustink wrote:

shaun2009 wrote:

umm i dont know if this will help but i have less than perfect credit and i got financed with Honda just recently actually two cars one Financed and the Other Leased and my credit sucks bad.... if you can see below.... I co-signed for my mom and then my mom co-signed for me but i make more than my mother at the moment so income was solely based off me and i make a little under 32k a year... not the mention the lease was for a 2005 hond accord trade which was with Santander  they paid it off  but only gave me 10k for it and leased me a 2013 Honda Accord Coupe ... not the mention they didnt give me the value of the car and my payoff was way greater by about 3.5k and i did a down payment of 1.2k  and my mother only did 600 and left with a used Financed 2011 Honda Accord Sedan ......her payments are 404 and mine are 656 sadly but i plan on trying to finance soon and stretch those out because they came up with cant generate for me with Auto FICO score..


So you have over $1000 of car payments on your reports and an annual income of $32k? So your DTI from the auto loans alone is around 40%?


Well yea but one car isnt even mine its just co-signed my mom pays her it sounded like a good addition to my report... for reporting purposes i did not think of the DTI part .... but yea its not so bad i make my payments fine and she makes her well she actually doubles hers and the Leased Coupe doesnt show on my report and its been over a month so cheers to that so i guess the DTI is right but wrong makes me wonder if lease cars report...

Current Credit Cards
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Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012

Re: Honda Financing made me mad!

In the long run it should be a good addition to your credit report. In the short term just hope you have no additional needs for credit because you DTI will now stop you.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Established Contributor
shaun2009
Posts: 637
Registered: ‎03-07-2013

Re: Honda Financing made me mad!

well i would like to get maybe 3 unsecured cards in the future preferably 6 months from now that shouldnt hold me too back will it since im managing 3 now...
Current Credit Cards
| Discover IT: $6.5K | PayPal MasterCard: $7.5K | US Bank Platinum: $5K | WalMart Discover: $5K |
| Sam's MasterCard $1.8K | Cap1 QuickSilver: $1.3K | AmEx TrueEarnings: $1.2K | AFCU Rewards: $1K | US Bank Select $1K |

Goal Credit Cards
CapitalOne QuickSilver, Discover IT, Sam's MasterCard
AmEx EveryDay, Chase Freedom, US Bank Cash+
Last Application: 6/23/2014
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012

Re: Honda Financing made me mad!

As long as your utilization is kept low, the high DTI shouldn't hurt the credit cards too bad.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%

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