topic Re: Predicament in General Credit Topics

Predicament

Anonymous — Thu, 18 Feb 2016 15:12:27 GMT

I have about a 700 score. All my accounts are in good standing. I want to refinance my car(I paid a lump sum right after i opened the account. in 6 months i paid down 8k of 23k). I also want to finance another car. If I do one of these will it jeopardize my chances at doing both of these??

Re: Predicament

Anonymous — Thu, 18 Feb 2016 16:20:27 GMT

I don't see why it would

Re: Predicament

Anonymous — Thu, 18 Feb 2016 19:33:37 GMT

Just a couple weeks ago I refinanced my current loan, and bought a new car.
If I were you I would go with a new car first, refinance immediately after. My credit score did take a small dip with paying off the original Wells Fargo loan that I obtained last year. My credit score was much lower 1 year post bankruptcy last year. I went from 14.99% down to 4.24% I also bought a new vehicle that is also 4.24%. I did this with a credit union. The credit union told me that they would not run my credit again, and they didn't. They were happy to refinance me and I was happy to say goodbye to Wells Fargo :-) My TU score was 734 Auto

Re: Predicament

Anonymous — Fri, 19 Feb 2016 01:16:39 GMT

Thats good to know. I know lenders get suspicious if you keep applying for credit. So i wasn't sure if that apploed here.

Re: Predicament

takeshi74 — Fri, 19 Feb 2016 14:01:01 GMT

It's not just a matter of X or X & Y. It's all about one's credit profile and that activity and whether or not the activity is seen as too much of a risk for a given creditor. Person A could attempt what you're looking to do and get denied for both. Person B could only get approved for one. Person C could get both with not so great terms. Person D could get both with best possible terms. It's all about what an individual's credit profile qualifies for versus the creditor/product's underwriting criteria.

We really can't tell you for certain based solely on a score if you'll have problems doing both. 700 is generally good but creditors don't all have identical underwriting criteria or risk tolerance. Definitely order the actions based on priority in case your creditors don't support both. If I had to guess I don't think you'd have trouble with both though you might not get best possible terms on both. However, it's never just about score and i'm not an underwriter for your creditor's auto loans.

Re: Predicament

Anonymous — Mon, 22 Feb 2016 11:50:45 GMT

thank you for your input. i appreciate it.