Last post on Oct 28, 2009 at 7:38 AM
You are in the Honda Odyssey
What is this discussion about?
Honda Odyssey, Car Financing, Van
#1 of 9 Odyssey - Vehicle Loan and Impact on Credit History
Oct 12, 2007 (6:54 am)
I searched for similar things in forums but I couldn't find one.
I want to buy a Honda Odyssey 07 or 08 model depending upon price.
I want to get a Loan from Credit Card companies.
Following is my Credit Information:
Credit Score: 710 (Transunion)
Total Debt: 26,000
Total Credit: 50,000
Credit History: 4 Years
Negative points are:
1) High Debt
2) High Debt per Available Credit Ratio
3) Less Credit History (Generally, most of the times, they consider atleast 5-7 years of history)
4) Credit report shows Income = Debt (A Person should have More Income than Debt, in order to get a good credit)
My Question is:
If I apply for Vehicle Loan in couple of Credit Card companies on the same day:
1) how is it going to impact my Credit History & Credit Score?
2) Does the Credit Companies, view all of them as one or several inquiries?
#2 of 9 Re: Odyssey - Vehicle Loan and Impact on Credit History [sunilk_14]
Oct 12, 2007 (2:58 pm)
You're making $26,000 per year, are $26,000 in (presumably revolving or cc) debt, and want to buy a new Odyssey?
Not a good idea.
The applications should be treated as one but, really, why does it matter?
Feb 10, 2008 (10:37 pm)
I agree, with the money that your earning it would not suffice your free car loan search for an odyssey and yes it is treated as one...
#4 of 9 Re: Odyssey - Vehicle Loan and Impact on Credit History [sunilk_14]
Feb 16, 2008 (1:56 pm)
If you were going to get an Odyssey, I wouldn't do it through a credit card company. I'd do it through a local bank or through Honda Financial. (when they do run the 2.9% APR specials, the threshold is 710 I believe)
And I think if you make too many inquiries for credit in a short time period, it will actually lower your credit score, because they're treated as separate credit inquiries.
#8 of 9 Refinance car laon
Oct 28, 2009 (4:50 am)
Would it be possible to re-finance? What is involved in re-financing? Any help would be much appreciated.