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Odyssey - Vehicle Loan and Impact on Credit History

9 messages,  Last post on Oct 28, 2009 at 7:38 AM

You are in the Honda Odyssey Forum.

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 (6:54 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?

#2 of 9 Re: Odyssey - Vehicle Loan and Impact on Credit History [sunilk_14] by cccompson

Oct 12, 2007 (2:58 pm)

Replying to: sunilk_14 (Oct 12, 2007 6:54 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 (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] by jchan2

Feb 16, 2008 (1:56 pm)

Replying to: sunilk_14 (Oct 12, 2007 6:54 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 (4:50 am)

Hi.
Would it be possible to re-finance? What is involved in re-financing? Any help would be much appreciated.

#9 of 9 Re: Refinance car laon [rony1434] by KarenS HOST

Oct 28, 2009 (7:38 am)

Replying to: rony1434 (Oct 28, 2009 4:50 am)
You might want to post your question over in this Smart Shopper forums topic:
 
Questions About Financing New Vehicles

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