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Established Member
MXtra
Posts: 12
Registered: ‎04-04-2007
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How quickly are fico scores/credit reports updated? Auto loan question

[ Edited ]
I plan on applying for a car loan in the next week. I have three credit cards and I scheduled payments for all three on Monday. Two of them will have zero balances and the third will have $1800 balance(7100 limit). Should I wait until these payments go through before applying for an auto loan from capital one auto? Or will my fico scores/credit report not be updated fast enough for it to matter? Message Edited by MXtra on 05-19-2007 01:41 PM

Message Edited by MXtra on 05-19-2007 02:25 PM
Super Contributor
MidnightVoice
Posts: 8,161
Registered: ‎03-25-2007
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Re: How quickly are fico scores/credit reports updated? Auto loan question

It depends on when the CC company reports your balance, not when you pay it off.
The slide from grace is really more like gliding
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Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
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Re: How quickly are fico scores/credit reports updated? Auto loan question

I would wait it I were you until they posted to your accounts and were sent to the CRA's. It only costs about $12 to be absolutely sure. Truecredit might be worth looking into for at least a try for a month. You should see when the results post to your accounts there. I would not use their scores though. Cap One told me they report payments a few days after the statement cut off dates. I don't know if that is the industry standard.
Established Member
MXtra
Posts: 12
Registered: ‎04-04-2007
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Re: How quickly are fico scores/credit reports updated? Auto loan question

[ Edited ]
I'm not going to have much of a choice. I start my new job on Thursday and I don't have a car. It's 18 miles away. I'm going to apply for a CapitalOne Auto loan on Monday and hope for the best. The two cards I'm paying off entirely have small balances($130 and $4), but I have subpar credit(fico 650-690 range)and was hoping zero balances on two of my credit cards would somehow help. I guess if the balances are really low it's good enough. Message Edited by MXtra on 05-19-2007 07:27 PM Message Edited by MXtra on 05-19-2007 07:29 PM

Message Edited by MXtra on 05-19-2007 07:29 PM
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
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Re: How quickly are fico scores/credit reports updated? Auto loan question

Scores 650-690 should not present a problem if your reports are clean. That's not bad at all. Good luck. You can always refi the loan but I bet they'll give you a decent rate. Remember the car biz is not doing that well. Bargain as if you don't need the car.
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Tuscani
Posts: 6,182
Registered: ‎03-29-2007
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Re: How quickly are fico scores/credit reports updated? Auto loan question

Be sure to let us know if CAP1 approves (they should). Good luck!
Established Member
MXtra
Posts: 12
Registered: ‎04-04-2007
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Re: How quickly are fico scores/credit reports updated? Auto loan question

[ Edited ]
I didn't even apply. I'm between jobs so I can't provide a paystub to prove I'm employed. Capone Auto requires this and won't call my new employer to verify I've been hired there or take a letter from HR either. It's paystub or F off basically. Now I'm stuck without a car cuz I don't think I'll get a good rate anywhere else. I've never gotten an auto loan so an auto enhanced fico score will be much lower for me. That's why I was going with Capone Auto. This sux. Also, I was wrong about my fico score range. I know my Transunion from my mastercard cuz they provide it for free. I purchased the experian and equifax here on myfico and they are higher than I thought. Transunion is 694, Equifax is 686, and Experian 693. I don't think that's good enough for any promotional financing deals though. Man I want a Mazda 3 so bad. Message Edited by MXtra on 05-21-2007 07:51 PM Message Edited by MXtra on 05-21-2007 08:29 PM

Message Edited by MXtra on 05-21-2007 08:29 PM
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007
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Re: How quickly are fico scores/credit reports updated? Auto loan question

Check with the dealer... Dealers can generally beat any rate you can find unless you are working with a CU.
Established Member
MXtra
Posts: 12
Registered: ‎04-04-2007
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Re: How quickly are fico scores/credit reports updated? Auto loan question

[ Edited ]
I'm a little afraid to apply for a loan with the dealer right now cuz I don't have the online CapitalOne Auto option without the paystub. There is no fallback plan in case the dealer's rate sux. So once I apply at the dealer, I'll have to buy a car no matter what rate they offer or my fico will go down and I'll end up screwing myself over. My credit history is all credit cards and has 2 late payments and a $20 charge off so it's not clean I guess. Last screw up was four years ago. What pisses me off about the charge off is it was customer service reps fault from the credit card. I called to close my account and asked them how much I owed. The guy gave me an amount and I gave my checking account info over to phone to pay it. He said that's it, the account is closed and my balance is zero. I won't get hit with any finance charges so I'm all set. He must have given me the wrong amount or I did get hit with finance charges later cuz I ended up having a balance after that. The card never called me or anything and after three months charged off the debt. That's on my credit history. I'd probably have a credit score well over 700 if not for that BS. Message Edited by MXtra on 05-22-2007 11:22 AM Message Edited by MXtra on 05-22-2007 11:23 AM Message Edited by MXtra on 05-22-2007 11:24 AM Message Edited by MXtra on 05-22-2007 11:27 AM

Message Edited by MXtra on 05-22-2007 11:28 AM
Established Contributor
Revike
Posts: 720
Registered: ‎05-04-2007
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Re: How quickly are fico scores/credit reports updated? Auto loan question

With classic scores in the 680's, you should be close enough to get the better rates. You might check Edmunds for more detailed advice. They usually recommend going to 2 or 3 online auto loan sources (I don't remember the specific sites) for pre-approval, so you don't walk into the dealer empty-handed. And you should also see if you can get pre-approved for a CU auto loan. At least then, you have a target rate for the dealer to try to beat.

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