Posted on: 07th Jan, 2010 05:19 am
I am about to move back to the US after 10 years overseas. I am transferring with my current company. I maintained some activity in my US credit union account and its credit card account, paid my US taxes etc. Though otherwise little activity on the US credit system for many years. My credit union has positive feedback on pre-approval and loan chances, though I have not yet applied for pre-approval.
I want to take out both a car loan (50% loan) and a mortgage for a house (probably 10 to 15% down).
Question is, if I take out a $10K car loan 45 to 60 days before I close on a house, is there a significant negative risk to my credit score that could jeopardize my mortgage loan?
According to the calculators both loans and payments would be well within my means, not pushing the limits. I am more worried about the sudden car loan/purchase taking down my credit score just before I close on a home.
Thanks!
I want to take out both a car loan (50% loan) and a mortgage for a house (probably 10 to 15% down).
Question is, if I take out a $10K car loan 45 to 60 days before I close on a house, is there a significant negative risk to my credit score that could jeopardize my mortgage loan?
According to the calculators both loans and payments would be well within my means, not pushing the limits. I am more worried about the sudden car loan/purchase taking down my credit score just before I close on a home.
Thanks!
this shouldn't have a negative impact on your credit to the point that it would jeopardize your chances of obtaining a mortgage. your credit scores will dip a little bit based on how much shopping around you've done.
unless your score is borderline to begin with, you really have nothing to fear (but fear itself!).
unless your score is borderline to begin with, you really have nothing to fear (but fear itself!).
Your credit score will be a bit lower- for sure
But if u are making enough money it shouldn't be a problem
To tell u the truth- the creditors -don't care much about care much about credit score- they ar e looking at your situation
[External link deactivated as per forum rules. Thanks.]
But if u are making enough money it shouldn't be a problem
To tell u the truth- the creditors -don't care much about care much about credit score- they ar e looking at your situation
[External link deactivated as per forum rules. Thanks.]
let's tell the real truth - credit is priced, more and more, based on someone's credit score. a 600 score these days might get you a mortgage and might not; a 650 score will cost you more than for your neighbor who has a 660 score; an 800 score will allow someone to get a far cheaper loan than virtually everyone else in the community.
yes, credit scores are looked at, and looked at a great deal.
yes, credit scores are looked at, and looked at a great deal.
Try a used car lease.
motorshifter.com
motorshifter.com
Oh so helpful, guest.