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Odyssey - Vehicle Loan and Impact on Credit History

9 messages,  Last post on Oct 28, 2009 at 6:38 AM

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What is this discussion about? Honda Odyssey, Car Financing, Van

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#1 of 9 Odyssey - Vehicle Loan and Impact on Credit History by sunilk_14 Oct 12, 2007 (5:54 am)
Hello,   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? Replies to this message: cccompson (Oct 12, 2007 1:58 pm) jchan2 (Feb 16, 2008 12:56 pm)
#2 of 9 Re: Odyssey - Vehicle Loan and Impact on Credit History [sunilk_14] by cccompson Oct 12, 2007 (1:58 pm)
Replying to: sunilk_14 (Oct 12, 2007 5:54 am) 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?
#3 of 9 Agree by shoughun Feb 10, 2008 (9:37 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] by jchan2 Feb 16, 2008 (12:56 pm)
Replying to: sunilk_14 (Oct 12, 2007 5:54 am) 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 by rony1434 Oct 28, 2009 (3:50 am)
Hi. Would it be possible to re-finance? What is involved in re-financing? Any help would be much appreciated. Replies to this message: KarenS (Oct 28, 2009 6:38 am)
#9 of 9 Re: Refinance car laon [rony1434] by KarenS HOST Oct 28, 2009 (6:38 am)
Replying to: rony1434 (Oct 28, 2009 3:50 am) You might want to post your question over in this Smart Shopper forums topic:   Questions About Financing New Vehicles

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