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The $4,000 question

Discussion in 'Anything goes' started by JayFarrar, Oct 28, 2015.

  1. BTExpress

    BTExpress Well-Known Member

    Maybe not. I'm 826, and I want to know what the heck I've done wrong in their eyes. :(

    Back on topic. I replaced the transmission on a 1990 Lexus, and it "only" came to $2,400.
     
  2. Vombatus

    Vombatus Well-Known Member

    I bet she takes far longer to decide to marry you.
     
  3. The Big Ragu

    The Big Ragu Moderator Staff Member

    An 850 won't do anything more for you if you apply for a loan than that 826 will. So don't sweat it. An 826 fico means you are a responsible person with a history suggesting you are a good lending risk. I'd lend to you. ... but employ a leg breaker just in case. :)

    So many things affect your fico score -- and it is a bit mystical. For example, just you finding out that 826 score (someone checking your score) affected your score. So by the time you found out your score, it had likely changed. Plus, you can be the best credit risk ever, but if you don't already have credit spread out among different kinds of loans-- in a pretty precise way--it will keep you away from that perfect score. For example, if you own your home outright (no mortgage), your credit score will be lower than if you carry a small mortgage on it. It's a weird, finicky kind of thing. The general thing to take home from it is that in the range you are in, you are considered a really good lending risk.
     
    Chef2 likes this.
  4. JayFarrar

    JayFarrar Well-Known Member

    Yeah, the credit manager went into a bit about the score.

    Her last car loan, had already went off her credit report and she keeps one credit card, a Discover, and pays off the balance monthly.

    So as he explained, the score is how you handle your debt not that you don't have any and the home mortgage doesn't really come into play as it is considered a different kind of debt.

    Whatever. She has her car. I don't have to get up at the ass crack of dawn, to take her to her office anymore, so woohoo.
     
  5. Ace

    Ace Well-Known Member

    Why do I think smallpotatoes is going to wind up with a busted-ass Saturn?
     
  6. three_bags_full

    three_bags_full Well-Known Member

    Hang in there another month, or so, and gt one of the last 2015s that they're dying to get rid of. Worked for me on my truck. List was 52. Got 'em down to 39 after rebates and research.
     
  7. doctorquant

    doctorquant Well-Known Member

    And payments ... don't forget the payments.
     
  8. cjericho

    cjericho Well-Known Member

    Depending on the car some 15s are all gone or very few left.
     
  9. TyWebb

    TyWebb Well-Known Member

    This has always confused and confounded me. When I bought my new Honda in February, I noticed the drop after the dealership checked my score. Does anyone know why exactly this affects it? How can someone checking the score make you more of a lending risk?
     
  10. PaperDoll

    PaperDoll Well-Known Member

    I tried both the Edmunds and Consumer Reports price guarantees at a dealership yesterday. The salesman basically dismissed them out of hand -- they were 2015s, but Edmunds provides a VIN number to an actual, matching car which is supposed to be on-site when the quote is requested.

    He said he'd give me a similar discount on a 2016, but I had to buy a car off the lot even though a model with the color/options I wanted was not available.

    I took my money and ran. This morning, I e-mailed the account which had been spamming me incessantly since I requested the quotes to complain about how that salesman had treated me. I requested an updated quote on a 2016 model from the same dealership -- since it's the closest one which participates -- but I have no intention of ever going back there again.
     
  11. Chef2

    Chef2 Well-Known Member

    Ragu is right.
    A person's credit score is very misleading.
    If you have a credit card, and pay off the balance each month, continue to do so.....but don't close it.
    If you're applying for a loan, lenders love to see a mortgage that's current, car payments that are current, and credit cards that are current, but not closed.
     
  12. dixiehack

    dixiehack Well-Known Member

    Because then they know you are looking to borrow money because you don't have it because you are obviously a poor America-hating taker Philistine.

    That's an exaggeration, but not by much. And the more times your report gets pulled like that, the more it goes down, unless the same type of requests are bunched together (i.e. shopping for a rate on a new car loan over a couple of weeks time).

    Part of the reason the formula is so complex is they don't want people or businesses to figure it out for themselves.
     
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