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re: Credit Score Questions - Future home and car purchase
Posted on 8/10/16 at 12:38 pm to kennypowers816
Posted on 8/10/16 at 12:38 pm to kennypowers816
It's not the credit impact that you should be worried about....it's the debt to income ratio. Good luck!
Posted on 8/10/16 at 2:33 pm to btnetigers
Your credit will drop a few points immediately for a "hard inquiry" on your credit. This happens anytime someone looks into your credit at any of the three reporting agencies when you are applying for a loan, mortgage, or CC. It should recover from that quite quickly, and have minimal affect on your ability to get a good rate on your mortgage if both of your scores are above 750. Like the above poster noticed, what you should worry about is your income to debt ratio. The bank will take this into account. If you have a banker, or bank you normally deal with (if you dont, I would highly recommend a credit union of an type) go and ask them about this situation. They should be able to give you some hypothetical in those scenarios.
Posted on 8/11/16 at 11:47 am to btnetigers
quote:
It's not the credit impact that you should be worried about....it's the debt to income ratio
Exactly. I bought a new car 6 months before I bought a house. I HAD to have a car, but it did end up impacting my debt to income, and I didn't get the exact house I wanted.
I am wanting to move closer to work, but waiting until my car is paid off to do so.
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