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Timing Large Purchases/Credit Checks
Posted on 10/10/17 at 8:51 pm
Posted on 10/10/17 at 8:51 pm
Looking at 2 big purchases over the next 6 months - new home and new truck.
Will searching for best loans (and presumably multiple credit pulls) for the truck make much difference in loan rates for the home a few months later? Do credit pulls for loans ding credit score for long?
Haven't been able to find much info in google searches
Will searching for best loans (and presumably multiple credit pulls) for the truck make much difference in loan rates for the home a few months later? Do credit pulls for loans ding credit score for long?
Haven't been able to find much info in google searches
This post was edited on 10/10/17 at 8:52 pm
4
Posted on 10/11/17 at 6:12 am to Stateguy
I would be more worried about what your truck payment will do to your qualifying ratios for the mortgage than a few points off of your credit report.
Go to your bank or a credit union for the truck loan. It would not be wise to shop around a bazillion places having them all pull your credit just to save a couple of dollars a month.
Go to your bank or a credit union for the truck loan. It would not be wise to shop around a bazillion places having them all pull your credit just to save a couple of dollars a month.
Posted on 10/11/17 at 7:08 am to Stateguy
You’re crazy if u don’t get the home first
This post was edited on 10/11/17 at 7:09 am
Posted on 10/11/17 at 10:43 am to Stateguy
If you can... get the home first.
Even with automated underwriting... there is still a lot of hoops to go through when getting a house financing. Auto financing these days isn't much different than getting a credit card
Even with automated underwriting... there is still a lot of hoops to go through when getting a house financing. Auto financing these days isn't much different than getting a credit card
Posted on 10/11/17 at 11:00 am to Stateguy
Put off buying the truck. The credit pulls will ding your score but not by much. As the other poster pointed out the real damage is adding debt. Your debt to income ratio will increase making you a more risky mortgage customer.
I worked in auto finance years ago and had people with the same predicament. I watched a guy have his home loan pre-approval revoked because he couldn't delay purchasing a truck by one month.
I worked in auto finance years ago and had people with the same predicament. I watched a guy have his home loan pre-approval revoked because he couldn't delay purchasing a truck by one month.
Posted on 10/11/17 at 7:52 pm to LSUFanHouston
quote:
Auto financing these days isn't much different than getting a credit card
This. I bought a car about 8 years ago and the sales rep basically filled out the app for me. Plus, even if your credit isn’t top tier, they have other ways to offset additional finance charges. Your mortgage underwriter doesn’t have those luxuries.
Posted on 10/12/17 at 6:30 am to 632627
Thanks for the advice. Actually found info saying credit pulls affect score for a year after posting this - reason to get house first.
Appreciate the recs
Appreciate the recs
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