Credit Question
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Registered User
Joined: Jun 2003
Posts: 290
From: San Mateo, CA
Car Info: 2007 Mazdaspeed 3
Credit Question
I have two 30-day delinquent car payments on my record from my old car loan. They are about a year and a half old or so. When will they stop being taken into account when my credit is checked? another 5 1/2 years?
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Go to Equifax.com and pay $12.95 to see your credit score. The report also shows you what your credit history has been that has helped or hurt that score.
I used this just before buying my car so I could argue that I deserved the best financing rates the dealer/bank could offer because my FICO score was very high.
I also learned that it could have been even higher if I hadn't had so many credit cards in the past that were used for only 3 months. I had a balance that I kept transferring to new cards to get a low intro APR. Even though those cards were closed, they remain on the report for 7 years.
I used this just before buying my car so I could argue that I deserved the best financing rates the dealer/bank could offer because my FICO score was very high.
I also learned that it could have been even higher if I hadn't had so many credit cards in the past that were used for only 3 months. I had a balance that I kept transferring to new cards to get a low intro APR. Even though those cards were closed, they remain on the report for 7 years.
Registered User
Joined: Aug 2003
Posts: 194
From: Seattle, WA
Car Info: '03 Impreza WRX
If two late payments is all you have, it shouldn't have knocked you down that much but links is on the money (pardon the pun) - go pull your credit report.
It's worth looking at anyway, in fact I've heard it suggested that you should check your credit report every six months, to make sure it's in order and nobody is screwing with your credit - same reason you should check your bills/bank/credit card statements before you pay and file 'em. Computer errors are real and identity theft is real and both can happen to you.
No, they're not overly fond of you having too much credit or card-hopping to play off the interest-free offers the cards give you. Again, wont kill your score unless it really is to excess but it will knock you down a point or two.
The main thing that held me back was that I don't like maintaining balances on my cards - they like balances, means they earn money
- but even so, my scores are in the (very) high 700s and I figure my car loan will bunk em up a bit more.
It's worth looking at anyway, in fact I've heard it suggested that you should check your credit report every six months, to make sure it's in order and nobody is screwing with your credit - same reason you should check your bills/bank/credit card statements before you pay and file 'em. Computer errors are real and identity theft is real and both can happen to you.
I also learned that it could have been even higher if I hadn't had so many credit cards in the past that were used for only 3 months. I had a balance that I kept transferring to new cards to get a low intro APR. Even though those cards were closed, they remain on the report for 7 years.
The main thing that held me back was that I don't like maintaining balances on my cards - they like balances, means they earn money
- but even so, my scores are in the (very) high 700s and I figure my car loan will bunk em up a bit more.
Guest
Posts: n/a
A few more things:
Don't try to manipulate your score by:
1) closing a bunch of accounts just before you are buying a car
2) paying off debt just before buying a car
Do these things over a 90 day period at a minimum. The equation that pops out your FICO score considers these tactics as "manipulation" and your score will be lowered.
The best ways to get a high score is to have:
1) paid off a large loan in the past (mortgage, car, student, etc.)
2) not miss payments (only if they are reported)
3) a low balance to max -imit ration on your credit card accounts. Ex. you have a $1000 balance on a card with a max limit of $25,000. That's better than a $500 balance on a $3000 limit card.
The bank that is considering loaning you money wants to see that you can handle the new car payments. They don't want your car if you default. They want you to make all of your payments. They are in the money-making business and not in the car sales business (should you default.)
Don't try to manipulate your score by:
1) closing a bunch of accounts just before you are buying a car
2) paying off debt just before buying a car
Do these things over a 90 day period at a minimum. The equation that pops out your FICO score considers these tactics as "manipulation" and your score will be lowered.
The best ways to get a high score is to have:
1) paid off a large loan in the past (mortgage, car, student, etc.)
2) not miss payments (only if they are reported)
3) a low balance to max -imit ration on your credit card accounts. Ex. you have a $1000 balance on a card with a max limit of $25,000. That's better than a $500 balance on a $3000 limit card.
The bank that is considering loaning you money wants to see that you can handle the new car payments. They don't want your car if you default. They want you to make all of your payments. They are in the money-making business and not in the car sales business (should you default.)
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Jul 28, 2003 06:46 PM