topic Re: Car Loan and Correlation w/regards to CC? in Credit Cards

Car Loan and Correlation w/regards to CC?

CreditCuriosity — Sun, 25 Jan 2015 21:09:53 GMT

Not sure where to place this, but as good as place as any..

So looking at buying a new car.. Probably around 50k range give or take.. My car I am think about trading in was about 47k after taxes owe about 36k now on it.. Anyways with that being said... Since recently in the last 5 months I have got approved for 5 new CC with adding about 27k to my REVOLVING credit lines with extremely low util a few hundred reports.. Anyways with my recent hits to my credit report. would CC lenders frown upon my getting a different car being since my credit has improved considerably my payment would probably be lower then my current payment since my fico scores are alot higher hence a lower interest rate on a new car. I wound't think the is considered "seeking to much new credit" or whatever the cause of this AA we have heard about recently. Net gain is my payment would probably be less for a new car, but wondering if CC companies would frown upon this or an auto loan considered something else. I have a long history of perfect payments on auto loans being anywhere from 47k loans to 65k auto loans reporting... Thoughts?

Re: Car Loan and Correlation w/regards to CC?

Anonymous — Sun, 25 Jan 2015 20:58:34 GMT

@CreditCuriousity wrote:
Not sure where to place this, but as good as place as any..

So looking at buying a new car.. Probably around 50k range give or take.. My car I am think about trading in was about 47k after taxes owe about 36k now on it.. Anyways with that being said... Since recently in the last 5 months I have got approved for 5 new CC with adding about 27k to my REVOLVING credit lines with extremely low util a few hundred reports.. Anyways with my recent hits to my credit report. would CC lenders from upon my getting a different car being since my credit has improved considerably my payment would probably be lower then my current payment since my fico scores are alot higher hence a lower interest rate on a new car. I wound't think the is considered "seeking to much new credit" or whatever the cause of this AA we have heard about recently. Net gain is my payment would probably be less for a new car, but wondering if CC companies would frown upon this or an auto loan considered something else. I have a long history of perfect payments on auto loans being anywhere from 47k loans to 65k auto loans reporting... Thoughts?

Why not just look into refinancing for a lower payment?

Re: Car Loan and Correlation w/regards to CC?

CreditCuriosity — Sun, 25 Jan 2015 21:03:46 GMT

@Anonymous wrote:
@CreditCuriousity wrote:
Not sure where to place this, but as good as place as any..

So looking at buying a new car.. Probably around 50k range give or take.. My car I am think about trading in was about 47k after taxes owe about 36k now on it.. Anyways with that being said... Since recently in the last 5 months I have got approved for 5 new CC with adding about 27k to my REVOLVING credit lines with extremely low util a few hundred reports.. Anyways with my recent hits to my credit report. would CC lenders from upon my getting a different car being since my credit has improved considerably my payment would probably be lower then my current payment since my fico scores are alot higher hence a lower interest rate on a new car. I wound't think the is considered "seeking to much new credit" or whatever the cause of this AA we have heard about recently. Net gain is my payment would probably be less for a new car, but wondering if CC companies would frown upon this or an auto loan considered something else. I have a long history of perfect payments on auto loans being anywhere from 47k loans to 65k auto loans reporting... Thoughts?
Why not just look into refinancing for a lower payment?

This is an option, but payment isn't my motive or concern really.. I typically buy a car every 1.5 years to 2 years.. I kinda like toys, might not be the smartest thing financially as obviously cars are a bad investment, but kinda get bored of a car after 1.5 to 2 years of a car and have had this one 1.6 years now. I don't have kids or a wife, so have some dispoable income. So ya my question still remains if anyone has insight on this.. I wouldn't think a lender would really care as payments are going down or staying even if I did this... This is why I recenty joined a CU so I can get a pre-approval with a single HP to hopefully TU, if all I heard about it pans out..

Re: Car Loan and Correlation w/regards to CC?

Anonymous — Sun, 25 Jan 2015 21:05:06 GMT

@CreditCuriousity wrote:
@Anonymous wrote:
@CreditCuriousity wrote:
Not sure where to place this, but as good as place as any..

So looking at buying a new car.. Probably around 50k range give or take.. My car I am think about trading in was about 47k after taxes owe about 36k now on it.. Anyways with that being said... Since recently in the last 5 months I have got approved for 5 new CC with adding about 27k to my REVOLVING credit lines with extremely low util a few hundred reports.. Anyways with my recent hits to my credit report. would CC lenders from upon my getting a different car being since my credit has improved considerably my payment would probably be lower then my current payment since my fico scores are alot higher hence a lower interest rate on a new car. I wound't think the is considered "seeking to much new credit" or whatever the cause of this AA we have heard about recently. Net gain is my payment would probably be less for a new car, but wondering if CC companies would frown upon this or an auto loan considered something else. I have a long history of perfect payments on auto loans being anywhere from 47k loans to 65k auto loans reporting... Thoughts?
Why not just look into refinancing for a lower payment?
This is an option, but payment isn't my motive or concern really.. I typically buy a car every 1.5 years to 2 years.. I kinda like toys, might not be the smartest thing financially as obviously cars are a bad investment, but kinda get bored of a car after 1.5 to 2 years of a car and have had this one 1.6 years now. I don't have kids or a wife, so have some dispoable income. So ya my question still remains if anyone has insight on this.. I wouldn't think a lender would really care as payments are going down or staying even if I did this... This is why I recenty joined a CU so I can get a pre-approval with a single HP to hopefully TU, if all I heard about it pans out..

Who's your current lender?

Re: Car Loan and Correlation w/regards to CC?

CreditCuriosity — Sun, 25 Jan 2015 21:07:04 GMT

@Anonymous wrote:
@CreditCuriousity wrote:
@Anonymous wrote:
@CreditCuriousity wrote:
Not sure where to place this, but as good as place as any..

So looking at buying a new car.. Probably around 50k range give or take.. My car I am think about trading in was about 47k after taxes owe about 36k now on it.. Anyways with that being said... Since recently in the last 5 months I have got approved for 5 new CC with adding about 27k to my REVOLVING credit lines with extremely low util a few hundred reports.. Anyways with my recent hits to my credit report. would CC lenders from upon my getting a different car being since my credit has improved considerably my payment would probably be lower then my current payment since my fico scores are alot higher hence a lower interest rate on a new car. I wound't think the is considered "seeking to much new credit" or whatever the cause of this AA we have heard about recently. Net gain is my payment would probably be less for a new car, but wondering if CC companies would frown upon this or an auto loan considered something else. I have a long history of perfect payments on auto loans being anywhere from 47k loans to 65k auto loans reporting... Thoughts?
Why not just look into refinancing for a lower payment?
This is an option, but payment isn't my motive or concern really.. I typically buy a car every 1.5 years to 2 years.. I kinda like toys, might not be the smartest thing financially as obviously cars are a bad investment, but kinda get bored of a car after 1.5 to 2 years of a car and have had this one 1.6 years now. I don't have kids or a wife, so have some dispoable income. So ya my question still remains if anyone has insight on this.. I wouldn't think a lender would really care as payments are going down or staying even if I did this... This is why I recenty joined a CU so I can get a pre-approval with a single HP to hopefully TU, if all I heard about it pans out..
Who's your current lender?

Infiniti Financial or other words Nissan Acceptance Financial or whatever. Looking at Evansville Teachers Credit Union doing this loan when I choose to do it.

Re: Car Loan and Correlation w/regards to CC?

Anonymous — Sun, 25 Jan 2015 21:11:40 GMT

@CreditCuriousity wrote:
@Anonymous wrote:
@CreditCuriousity wrote:
@Anonymous wrote:
@CreditCuriousity wrote:
Not sure where to place this, but as good as place as any..

So looking at buying a new car.. Probably around 50k range give or take.. My car I am think about trading in was about 47k after taxes owe about 36k now on it.. Anyways with that being said... Since recently in the last 5 months I have got approved for 5 new CC with adding about 27k to my REVOLVING credit lines with extremely low util a few hundred reports.. Anyways with my recent hits to my credit report. would CC lenders from upon my getting a different car being since my credit has improved considerably my payment would probably be lower then my current payment since my fico scores are alot higher hence a lower interest rate on a new car. I wound't think the is considered "seeking to much new credit" or whatever the cause of this AA we have heard about recently. Net gain is my payment would probably be less for a new car, but wondering if CC companies would frown upon this or an auto loan considered something else. I have a long history of perfect payments on auto loans being anywhere from 47k loans to 65k auto loans reporting... Thoughts?
Why not just look into refinancing for a lower payment?
This is an option, but payment isn't my motive or concern really.. I typically buy a car every 1.5 years to 2 years.. I kinda like toys, might not be the smartest thing financially as obviously cars are a bad investment, but kinda get bored of a car after 1.5 to 2 years of a car and have had this one 1.6 years now. I don't have kids or a wife, so have some dispoable income. So ya my question still remains if anyone has insight on this.. I wouldn't think a lender would really care as payments are going down or staying even if I did this... This is why I recenty joined a CU so I can get a pre-approval with a single HP to hopefully TU, if all I heard about it pans out..
Who's your current lender?
Infiniti Financial or other words Nissan Acceptance Financial or whatever. Looking at Evansville Teachers Credit Union doing this loan when I choose to do it.

Hmm...Well, what are you looking to buy is the next question.

If you find the right deal, You may end up getting a lower rate with the manufacturer's financing concern.

We got 0% for 72mos w/Ally on our Cruze Diesel.

Re: Car Loan and Correlation w/regards to CC?

CreditCuriosity — Sun, 25 Jan 2015 21:15:19 GMT

Lexus RC or RC F coupe... Don't know if I want to spend the 70k for the F though so most likely just the regular RC.. So I doubt they would offer anything great as far as rates through Lexus Financial and not sure who they pull... Looking for a TU puller hence the CU and only want one pull as well.. TU will qualify me for the best rate through the CU as their lowest rate is offerered if TU > 700 is my understanding and I meet that crtieria.

Re: Car Loan and Correlation w/regards to CC?

CreditCuriosity — Sun, 25 Jan 2015 21:16:27 GMT

The question is would the CC companies get their panties in a knot if the payment didn't increase or actually even went down is my biggest question still..With my recent growth of revolving credit in the past 5 months.

Re: Car Loan and Correlation w/regards to CC?

Anonymous — Sun, 25 Jan 2015 21:30:31 GMT

To answer your question concerning CCs. All of my approvals were after pur newest auto loan. Which made three.

Re: Car Loan and Correlation w/regards to CC?

B335is — Sun, 25 Jan 2015 21:32:58 GMT

Don't do the Lexus RC F! Go for the M4!! I'm exactly the same way with cars though, my friends say I go through them faster than cellphones (truth). Are you financing it or leasing it?

For what its worth, none of my CC lenders did anything when I made a similar move.

Re: Car Loan and Correlation w/regards to CC?

CreditCuriosity — Sun, 25 Jan 2015 21:39:44 GMT

@B335is wrote:
Don't do the Lexus RC F! Go for the M4!! I'm exactly the same way with cars though, my friends say I go through them faster than cellphones (truth). Are you financing it or leasing it?

For what its worth, none of my CC lenders did anything when I made a similar move.

The M4 is sexy as well... That is on my consideration list.. Assume the RC F and M4 probably perform simliary? My last mercedes was the CLK AMG 55... Loved that car and the power!

so with what I highlighted I doubt they would be concerned as long as my DTI is sitll good.. Payments would be similiar as stated.

I guess it depends on financing vs leasing... obviously you come out of a lease better.. my current car ive had 1.6 years and only have 5500 miles on it! So least would make the most sense... Although would be in the air which is better in my scenario and would have to way the options

Re: Car Loan and Correlation w/regards to CC?

B335is — Mon, 26 Jan 2015 02:39:53 GMT

I guess it comes down to which car you like more. The M4 gets a slight edge over the Lexus in track performance.