General Credit Topics

[Objective]

Looking at applying for a car loan this weekend.   Reduced balances as recommended on this forum (1 with balance, under 10% util).  Discover says they report balances on the same day as my statement (April 5th). 

Rather than have a loan officer, should I just check my data on the 5th using the free report?  Also, is this instant information or do you have to wait a few days?

When the Credit Union checks I'll get dinged for an inquiry, but not if I check my own credit, right?

Thanks!

[FrugalRican]

You get the report as soon as you ask for it.

I wouldn't pull on the 5th though, I'd wait at least a day or two, but only because I'm paranoid and very patient.

[pizzadude]

It can take the CRAs a day or two (sometimes longer ) to process updates, so I would recommend waiting a couple days to give them enough time...

[Objective]

Ok, good deal.  I'll wait until the 7th to get my scores.

[Walt_K]

 

Also, keep in mind that the scores your lender is going to use will be your Auto Enhanced scores.  This version is slightly different weighing previous auto history (and mortgage?) more heavily.  You can't get your Auto Enhanced scores except by applying.  Still a good idea to know what is on your reports and know your FICO scores before going in, but don't be surprised if the lender pulls different scores.  If you have positive auto history, this could work in your favor. 

[SenorDragon]

---

Objective wrote:

Ok, good deal.  I'll wait until the 7th to get my scores.

---

If you're looking to pull your FICO scores, they will not be included in your free reports from annualcreditreport. If you want your scores, you have to go through this site but the good thing is that you get your report too so you can save your free report for later.

[Objective]

So I can pull my free scores from this site?  Excellent.

I had an auto loan in 93', paid off in 97'.  Would that still be on my record for future auto loan consideration purposes?

[FrugalRican]

You're entitled to a free credit REPORT once a year, not scores.

You have to pay for those.

[Objective]

Oh ok.  I'd love to have the ability to check FICO scores whenever I want, probably very expensive.  The quarterly option looks pretty good.

[HoldingOntoHope]

---

Objective wrote:

So I can pull my free scores from this site?  Excellent.

I had an auto loan in 93', paid off in 97'.  Would that still be on my record for future auto loan consideration purposes?

---

When you pull your reports either from here or from the annual credit report.com site you will find out for sure, however it is unlikely that this loan is still reporting. In most cases a tradeline will drop from credit reporting at about 10 years after account closure. Some people have seen tradelines drop off faster and others have seen old closed tradelines hang on for much longer.

Please note that if it is no longer in your reports it WILL NOT be a factor in scoring either for your standard FICO score or an auto enhanced score. Good luck with your future purchase.