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Established Member
Posts: 22
Registered: ‎04-18-2014
0

Pre-approved but need a new car! Help!

I have been preapproved for an FHA mortgage, but I need a new car. I am willing to wait until afyer I close to get it, but want to know how long I should wait and how my credit will be impacted. Please help. 


Starting Score: Equifax 483: Experian: 543 Transunion: 574
Current Score: Equifax 677: Experian: 674 Transunion: 688
Goal Score: 750


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Frequent Contributor
Posts: 266
Registered: ‎12-26-2013
0

Re: Pre-approved but need a new car! Help!

Wait until after closing!! Your credit will be fine to get a car if your credit is fine to get a house.. Good luck
Established Member
Posts: 22
Registered: ‎04-18-2014
0

Re: Pre-approved but need a new car! Help!

Do you know if my score will take a major hit by taking out both in a couple months or should I be okay?


 


Starting Score: Equifax 483: Experian: 543 Transunion: 574
Current Score: Equifax 677: Experian: 674 Transunion: 688
Goal Score: 750


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Senior Contributor
Posts: 3,395
Registered: ‎08-24-2013
0

Re: Pre-approved but need a new car! Help!

When you add debt to your credit profile, your scores will be impacted. How much is anyone's guess and yours will be as good as anyone's.

Moderator
Posts: 9,083
Registered: ‎03-06-2010
0

Re: Pre-approved but need a new car! Help!

It is very possible if you get the vehicle before you buy a house, you won't be able to qualify for the size/price house you currently can purchase. Many times I have seen homebuyers rush out and buy something on an installment payment prior to purchasing a house and the thing they bought, usually a car/truck/vehicle, reduces the amount of the house purchase substantially.

Established Member
Posts: 22
Registered: ‎04-18-2014
0

Re: Pre-approved but need a new car! Help!

Thanks for the advice


Starting Score: Equifax 483: Experian: 543 Transunion: 574
Current Score: Equifax 677: Experian: 674 Transunion: 688
Goal Score: 750


Take the myFICO Fitness Challenge

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