credit score goes down for buying a car?

[ruckus]

Holy christ I bought a 2005 civic and my fica score went down 113 points and I have never made a late payment or anything.

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[myvanpounds 10+ year member]

Holy christ I bought a 2005 civic and my fica score went down 113 points and I have never made a late payment or anything.

i bet after its paid off tho, good score.

 

[joeboxer5876 10+ year member]

once you pay half of that loan off, your credit will be much nicer! i didnt get a credit card until after i paid my loan half way.

 

[ruckus]

lol so 3 1/2 years //content.invisioncic.com/y282845/emoticons/biggrin.gif.d71a5d36fcbab170f2364c9f2e3946cb.gif got a 7 year loan on it //content.invisioncic.com/y282845/emoticons/frown.gif.a3531fa0534503350665a1e957861287.gif and a $40k student loan to boot

 

[soundstreamer 10+ year member]

your credit score went down because of you total amount owed now.

i heard your credit score goes down a little everytime someone checks it. can anyone confirm or deny? cuz mines been checked ~6 times in the last month and i got denied a sears card...i am closing on a house on monday though.

 

[joeboxer5876 10+ year member]

everytime you check your credit score, it does go down.

 

[Hostile89 10+ year member]

your credit score went down because of you total amount owed now.
i heard your credit score goes down a little everytime someone checks it. can anyone confirm or deny? cuz mines been checked ~6 times in the last month and i got denied a sears card...i am closing on a house on monday though.

Your credit score goes down 5 or 10 pts (i cant remember exactly) every time you apply for credit by a CC or loan or whatever. this is generally updated every month or so. the rule of thumb is if your applying for a large loan you should contact all lenders within a month so they dont see the drop in your score if you have to check out different lenders.

 

[chris96camaro 10+ year member]

i know this is a little off topic...but what is a good credit score?

i just applied to get my first credit card last monday, waiting to get it now...which is why im asking....

 

[Hostile89 10+ year member]

Most people score in the 600 to 700s range. I believe anything above 650 is considered "good" credit but you also have to realize that the credit score itself is not the only thing lenders look at. While your previous loan history and/or chargeoffs will affect your score. If your FICO score is borderline with a particular lender then they will look closer at your previous accounts.

 

[swimfreak26 10+ year member]

Depends on which credit bereau (sp?) you use. some have 750 as their max score, and some 950...so go figure. As far as getting your first card, you probably don't have a credit score yet if you don't have a history of borrowing or having credit.

 

[Dave_Edwards 10+ year member]

Since I am a car dealer I will let you guys in on some secrets---------

Your credit score does NOT go down when pulled-----only when summited to lenders

a average beacon score is 550----the lowest is 350----tops 850(equifax---what car dealers use)----I see more people in the 500-650 range

the REAL reason your score went down is because of yous DTI(debt to income) not because of your purchase.

your credit score will SLOWLY go back up until 6moths of payments have been made---since the loan is getting smaller.

hope this helps.

 

[Hostile89 10+ year member]

The FICO Credit score ranges from 300 to 850. this is used by all the major credit bureaus, Experian, Equifax, ***** Union.

 

[myvanpounds 10+ year member]

buy am i glad my mom has good credit (811 before she co-signed for my truck)

 

[Dave_Edwards 10+ year member]

one more thing----all of your bills (cell phone---morgage---credit cards) all have major pull on your credit score-----miss a payment on your house---you will have a hard time getting a car.

 

[swimfreak26 10+ year member]

***** Union

***** union uses a range that goes up to 950, just got my score from them last week to check up on it.