Credit Card Center Advertiser Disclosure†
05-09-2007 04:12 PM
05-10-2007 04:47 AM - edited 05-10-2007 04:49 AM
markcolo wrote:I currently lease a vehicle. I am thinking about buying a hybrid car for the tax credits, so I was checking my FICOs. I noticed that the amount of debt shown on my current lease equals the total payments for that lease. So would an auto loan show as a higher amount of debt, and negatively affect my FICOs?
05-10-2007 10:47 AM
markcolo wrote:Thanks! Hybrid here I come!
06-06-2007 02:07 PM
06-06-2007 02:21 PM
Don't seek any new loans or credit until you close!
I'm in a similar situation, but I am dealing with a new home mortgage as well. I've got a dirt start coming up soon, and I just signed the paperwork and had my credit pulled for the Mortgage. I'll be closing on the home in 6 months, and the Lender said they assume you will be continuing payments on another car after the lease is up. I'm comfortable with my 693 right now, but I want to make sure a new loan (60 month/ similar payment to lease around $430) won't adversely affect my credit between now and it's time to close on the house! Seems DTI should be okay due to them taking lease into account as continuing ad infinitum. So I should just expect a modest hit for the inquiry? My score is low due to revolving lines being too high of %. I assume installment account shouldn't hurt me too badly. Also if I shop for a loan, will I take a bigger hit. The mortage+auto inquiry at the same time could affect the score?
06-06-2007 10:23 PM
06-06-2007 10:37 PM
06-07-2007 07:26 AM - edited 06-07-2007 07:36 AM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.