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Credit score hit after vehicle purchase

Discussion in 'Off-Topic Discussion' started by Sas, Jul 27, 2018.

  1. Jul 27, 2018 at 1:50 PM
    #1
    Sas

    Sas [OP] Humor is everywhere

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    Lost track after #1.
    So this is really an infobrag thread because I've worked damn hard to get my credit score where it is and I'm damn proud of it. In case you didn't know already, your score does take a hit when you finance a vehicle. I had several different sources hit my credit (my bank, the dealership, Lendingtree.com, and the company that had my loan at the time on my old car). But, as long as they're all relatively close together within a certain time period and for the same thing, they're basically all lumped together so it doesn't hurt it your credit as bad. I purchased the truck on July 7, 2018, so it didn't take long to show up. Here's how much mine fell after buying:

    CreditDingAfterPurchase.jpg

    BTW, if you're not monitoring your credit at least annually you should really start doing so. You can get a free report once every year from the three major reporting agencies (Experian, Equifax & TransUnion).

    https://www.annualcreditreport.com/
     
    NewImprovedRon likes this.
  2. Jul 27, 2018 at 2:21 PM
    #2
    T-Rex266

    T-Rex266 Independentoffroad who? That's cute. Staff Member

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    It’ll go back up around 6 mos. Each credit bureau will report a slightly different score.

    I use LifeLock to monitor my credit and any potential fraudelent activity with names, current and previous addresses etc. you can also lock your credit.
     
  3. Jul 27, 2018 at 2:31 PM
    #3
    Sas

    Sas [OP] Humor is everywhere

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    Nice, monitoring came with my house purchase from my bank, but I also got one with the recent Experian data breach fiasco.
     
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  4. Jul 27, 2018 at 2:41 PM
    #4
    Sunnier

    Sunnier “DO it!”

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    Unless you already were making monthly car payments before you bought this truck, your credit score will probably go up even more than before. That's what happened a few months after I bought mine anyway. Dang bureaus seem to encourage frequent participation. Which I think is weird, but has been my experience.
     
  5. Jul 27, 2018 at 2:55 PM
    #5
    Professional Hand Model

    Professional Hand Model A.K.A ‘Golden Hands’

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    True. Debt based society. Not a fan.
     
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  6. Jul 27, 2018 at 3:12 PM
    #6
    tye

    tye New Member

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    Focus on clearing off debt and not your score. The borrower is slave to the lender.
     
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  7. Jul 27, 2018 at 3:24 PM
    #7
    Sunnier

    Sunnier “DO it!”

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    I'm pretty sure, based on OP's credit score, that he pays most of it off every month.... That's the only way I know to keep it high; avoid high credit utilization.
     
  8. Jul 27, 2018 at 3:34 PM
    #8
    BuckWallace

    BuckWallace Ball don't lie.

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    High utilization is bad, but utilization can be "good" for your credit score. Making payments on time =/= paying it off completely every month.
     
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  9. Jul 27, 2018 at 4:44 PM
    #9
    Sas

    Sas [OP] Humor is everywhere

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    I keep ~20-25% utilization on my cards. Occasionally I do carry a balance, but very rarely and never for more than 2-3 months. Most of the time I pay it off each month.
     
  10. Jul 27, 2018 at 4:51 PM
    #10
    ReCKzX

    ReCKzX New Member

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    Not all debt is bad. You should check into Credit Karma, that is what I use.
     
    Les7311, trdprobped17 and Sas [OP] like this.
  11. Jul 27, 2018 at 6:24 PM
    #11
    trdprobped17

    trdprobped17 New Member

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    I used to be an investment banker for one of the Big Commercial Banks. If you have a credit score 740, it really doesn't matter as much if your score falls 10-30 points in a 90 day period, because you have made a major purchase or two during that period. It will usually recover and increase a few points as well, if you maintain your timely payments and do not apply for any additional credit. Financial institutions utilize an automated credit calculation system which is tied into the BIG THREE CREDIT REPORTING COMPANIES. The two systems aren't exactly synchronized and the credit bureaus are much slower to react and adjust than the various financial institutions do. I used to be able to literally improve individuals credit scores in real time, just from my desk in my office, believe it or not! In fact, I often did so for my influential clients who needed their credit to look good for specific pending credit transactions. I have seen clients file for bankruptcy in the 6 months prior to obtaining new credit, and their scores would jumped right up to 700s, because the creditors/financial institutions needed to get them approved and funded. The bottom line is that the factors below are the most important things to know for you to improve and maintain your credit score.

    FICO Score Ranges:

    Credit Score Rating % of People Impact
    300-579 Very Poor 17% Credit applicants may be required to pay a fee or deposit, and applicants with this rating may not be approved for credit at all.
    580-669 Fair 20.2% Applicants with scores in this range are considered to be subprime borrowers.
    670-739 Good 21.5% Only 8% of applicants in this score range are likely to become seriously delinquent in the future.
    740-799 Very Good 18.2% Applicants with scores here are likely to receive better than average rates from lenders.
    800-850 Exceptional 19.9% Applicants with scores in this range are at the top of the list for the best rates from lenders.
    [​IMG]

    How are my FICO® Scores calculated?
    FICO® Scores are calculated using many different pieces of credit data in your credit report. This data is grouped into five categories: payment history (35%), amounts owed (30%), length of credit history (15%), new credit (10%) and credit mix (10%).

    [​IMG]
     
  12. Jul 27, 2018 at 6:32 PM
    #12
    Sas

    Sas [OP] Humor is everywhere

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    [​IMG]
     
  13. Jul 27, 2018 at 7:12 PM
    #13
    Stumpjumper

    Stumpjumper New Member

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    Not sure why OP is worried about a >800 score unless it is just pride. Anything over 800 is exceptional and will you lowest rates and such.
     
  14. Jul 27, 2018 at 7:34 PM
    #14
    NewImprovedRon

    NewImprovedRon Hey! Get off my grass!

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    After the Equifax fiasco, I locked my credit with the three major bureaus on any new credit requests. I sleep better since I was one of the unlucky ones whose data was breached...
     
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  15. Jul 27, 2018 at 7:36 PM
    #15
    Masher59

    Masher59 New Member

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    When I bought my Tundra a few weeks ago my FICO went from 834 to 829, TransUnion 792-785, EquiFax 790-786. I keep my card utilization under 7% and I have quite a bit revloving but always pay on time. I use Identitly Guard to monitor credit, credit cards, bank accounts etc. I check my scores about every 10 days unless there's activity to warrant it earlier. It's been a long road to here after my ex wife destroyed my credit 15 years ago but I'm finally solid again.
     
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  16. Jul 27, 2018 at 8:02 PM
    #16
    Sas

    Sas [OP] Humor is everywhere

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    Lost track after #1.
    It's like anything else. When you put time and effort into something you want to maintain it.

    Nice work!
     
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  17. Jul 27, 2018 at 8:24 PM
    #17
    BTBAKER

    BTBAKER BE YOU. THE WORLD WILL ADJUST.

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    I’ve been hacked numerous times unfortunately. Once with the Fed government when I applied for a background check on a firearm. They lost ALL of my info and were kind enough to offer me two years of free credit monitoring. Jerk offs.
    Anyway, at that point I locked all three of my reports. It’s fine BUT you have to remember to keep the 10 digit pin in a safe place and not lose it. You also have to pay 10 dollars to unlock and 10 to lock here in CO after the first time.
    If your good with all of that it’s an excellent option.
     
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  18. Jul 28, 2018 at 8:57 AM
    #18
    NewImprovedRon

    NewImprovedRon Hey! Get off my grass!

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    The charge to lock/unlock your credit bureau information is state specific. Also, if you are mature person (my age, not my mental stability :rofl:) it is possible you can get it done for free.

    https://www.transunion.com/credit-freeze/credit-freeze-information-by-state
     
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  19. Jul 28, 2018 at 9:45 AM
    #19
    BTBAKER

    BTBAKER BE YOU. THE WORLD WILL ADJUST.

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    Right. I mentioned that was for CO. I find it ridiculous that it varies from state to state. More people would definitely take advantage if they didn’t incur costs.
    In my situation it wasn’t that big of a deal because I wasn’t unlocking it much.
     
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  20. Jul 28, 2018 at 9:53 AM
    #20
    NewImprovedRon

    NewImprovedRon Hey! Get off my grass!

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    If you've been a victim of ID theft you can lock/unlock free but maybe it has to be a true ID theft and not just a hack/stealing your credit card number. I would think that stealing your credit card number would be a serious enough ID theft but I've been wrong before.
     
    BTBAKER likes this.
  21. Jul 28, 2018 at 10:01 AM
    #21
    BTBAKER

    BTBAKER BE YOU. THE WORLD WILL ADJUST.

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    True. There are stipulations for that. You have to go and file a police report and submit.
     
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