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Old 01-11-2010, 06:49 PM   #1
kammrk
 
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Credit score question?

Dealer pulled my credit score three times today how much will this lower my score? also with a score in the low 600's with a good amount down financing around 33,000 will it be possible to get financed? thanks for all advice.
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Old 01-11-2010, 06:52 PM   #2
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You should still get financed but you will probably have a higher intrest rate
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Old 01-11-2010, 06:55 PM   #3
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Dealer pulled my credit score three times today how much will this lower my score? also with a score in the low 600's with a good amount down financing around 33,000 will it be possible to get financed? thanks for all advice.
an inquiry will lower your score about 7 points. however, when the bureaus see multiple inquiries within a week (<-- i think) and they are car inquiries, they should only count it as one inquiry. i think the reasoning is that they understand you are car shopping and they cut you a break during that time.
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Old 01-11-2010, 06:55 PM   #4
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it also helps to have a "big" down payment
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Old 01-11-2010, 06:58 PM   #5
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it also helps to have a "big" down payment


A score in the 600's will require a pretty substantial down payment IMHO
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Old 01-11-2010, 07:00 PM   #6
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Those 3 times might cost you 4pts... now if you've had others it could be as much as 7 or 8 max
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Old 01-11-2010, 07:02 PM   #7
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When I had multiple dealers pulling mine, I was told that there is a couple weeks grace period and that it wont go down so long as you purchase during this period after it was pulled. Again, what I was told, could have just been the dealer blowing smoke.
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Old 01-11-2010, 07:02 PM   #8
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the inquiries will definitely hurt your score a little up front, but you will gain so much more credit in the long run if you pay your monthly statement on time.
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Old 01-11-2010, 07:30 PM   #9
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i had a 720ish and it took a 10k down payment for them to approve. then again i have very limited history so that was the biggest issue.
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Old 01-11-2010, 07:31 PM   #10
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but the bottom line is, with a score in the 600's, you are going to need a big down payment to offset the depreciated value of the car once you drive off and the car is then considered USED.

For instance, if the car you are buying is $38k, and you put down $10k, the residual is $28k, you will likely get financed because the car will still have a value of at least $28k after drive off. You might still get financed with lower down payment depending on your job history but your APR will very likely be quite high so the finance co can make up the difference in the shortest period of time in case you get in financial trouble.
I would imagine your APR would be high based on your score alone.

Good luck.
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Old 01-11-2010, 07:34 PM   #11
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I'm mid 700 and put down 1000 first to get things going the the trade in of my other vehicle so 4k max. Got the best rate of any of the banks/credit unions so...also I'm 49 with yrs of good credit.
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Old 01-11-2010, 07:55 PM   #12
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My score was 650 and got the car 100% financed for $40K. I bought another car 3 months later with the same score putting down $18k and financing $17K.
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Old 01-11-2010, 09:13 PM   #13
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My score was 650 and got the car 100% financed for $40K. I bought another car 3 months later with the same score putting down $18k and financing $17K.
What were your rates though. If they were low, you are definitely the exception to the rule.
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Old 01-11-2010, 09:36 PM   #14
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What were your rates though. If they were low, you are definitely the exception to the rule.
5.9 and 6.9
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