Credit Score - Chicagoland Sportbikes
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post #1 of 24 (permalink) Old 10-19-2011, 10:04 AM Thread Starter
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Credit Score

My parents and I are trying to figure this out...

They recently bought a new car so my mom has something to drive. Whenever they did a credit check, though, they lost 10-20 points in their score.

Does that happen to any of you? If so, is there any way to fix it?
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post #2 of 24 (permalink) Old 10-19-2011, 10:08 AM
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I think that's about the normal range that it'll fluctuate up or down depending on all the little things like current balance to credit limit ratio. At least that's about what mine fluctuated when I watched mine closely for about 6 months before I bought a house.
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post #3 of 24 (permalink) Old 10-19-2011, 10:10 AM

 
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Whenever you run your credit to purchase a vehicle or home, your credit takes a small hit. Thus, if you bought a car at a dealer, that dealer will probably run your credity with several banks to find you a good rate (and a rate they can add juice onto).

But...10 to 20 points seems sort of excessive in just one day from buying a car.

As far as the PM you sent me. The "credit check" done by insurance companies is not anything that would affect your score at all.

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post #4 of 24 (permalink) Old 10-19-2011, 10:16 AM
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There are two different types of credit inquiries, basically one for a purchase and one for a credit profile. A purchase will lower your score slightly, and just a check from a company such as insurance will not lower it at all.
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post #5 of 24 (permalink) Old 10-19-2011, 10:21 AM Thread Starter
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Okay, that helps explain that. But I agree with Pete, 10 points does seem excessive for an auto purchase.
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post #6 of 24 (permalink) Old 10-19-2011, 10:26 AM
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their debt ratio may have been right at the cusp of a dinger. ( $ debt to available credit)

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post #7 of 24 (permalink) Old 10-19-2011, 10:34 AM Thread Starter
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My parents never really got into using credit. We bought a house three years ago, and our last major purchase that needed a loan was the first car we had 11 years ago.
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post #8 of 24 (permalink) Old 10-19-2011, 10:38 AM
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Originally Posted by KayneArgand View Post
My parents never really got into using credit. We bought a house three years ago, and our last major purchase that needed a loan was the first car we had 11 years ago.
Smart people! Fuck Credit!

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post #9 of 24 (permalink) Old 10-19-2011, 10:40 AM
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post #10 of 24 (permalink) Old 10-19-2011, 10:42 AM Thread Starter
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post #11 of 24 (permalink) Old 10-19-2011, 11:26 AM
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post #12 of 24 (permalink) Old 10-19-2011, 11:44 AM
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Quote:
Originally Posted by suh-c View Post
I think that's about the normal range that it'll fluctuate up or down depending on all the little things like current balance to credit limit ratio. At least that's about what mine fluctuated when I watched mine closely for about 6 months before I bought a house.
Ding ding ding.

The credit score took a hit because of the credit inquiry to get the loan and now the debt your mom has due to the loan appears on the credit report. That changed your debt/income ratio.

Wait, you didn't say she had a loan, only that she bought a car. She got a loan right?

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post #13 of 24 (permalink) Old 10-19-2011, 01:35 PM Thread Starter
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They financed the car with a loan. No way in hell can we afford a car outright.
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post #14 of 24 (permalink) Old 10-19-2011, 02:14 PM
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Quote:
Originally Posted by KayneArgand View Post
They financed the car with a loan. No way in hell can we afford a car outright.
In that case, what are you doing on CLSB...don't you know this site is only for ballers.

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post #15 of 24 (permalink) Old 10-19-2011, 02:17 PM
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Haha, exactly. Only six figga niggas here brah.
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post #16 of 24 (permalink) Old 10-19-2011, 02:19 PM
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Just to clear up a few things...

A five or 10 point swing is relatively normal following an "inquiry", which is what it's called when someone pulls your credit report. Multiple inquiries for mortgages, auto loans, or student loans within a 30 day period are treated as a single event to prevent people from being punished by shopping rates on the above types of loans.

The amount of new credit can also affect your scores. For some, it can even affect it positively. Don't mistake this for what happens when you have a balance near the high credit limit on a revolving account (credit card, equity line of credit, etc), which hurts scores almost as much as delinquency. The scoring algorithms look at this as a sign of being strapped.

As much info as you may think is out there, the credit agencies do not know your income relative to your debts. Balance on a new installment loan does not generally have a negative effect on scores, unless you have an abnormally high number of installment loans.

Hope that helps.


Edit: Just noticed in one of your posts, that your parents don't have much credit history. That alone often causes inquiries to have a larger impact.

Last edited by Troy; 10-19-2011 at 02:29 PM.
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post #17 of 24 (permalink) Old 10-19-2011, 03:22 PM
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My FICO score is like 357. Is that good?
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post #18 of 24 (permalink) Old 10-19-2011, 03:23 PM
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My FICO score is like 357. Is that good?
Better than mine.
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post #19 of 24 (permalink) Old 10-19-2011, 03:25 PM
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My FICO score is like 357. Is that good?
Shit thats twice of what Tnats is.
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post #20 of 24 (permalink) Old 10-19-2011, 03:28 PM
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Better than mine.

I saw on your company website you offer financing. Where do I apply?

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Shit thats twice of what Tnats is.
nice!
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post #21 of 24 (permalink) Old 10-19-2011, 03:33 PM
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I saw on your company website you offer financing. Where do I apply?
I now just have an automated reply that says if you need financing for a $3000 motorcycle your priorities are all fucked up!
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post #22 of 24 (permalink) Old 10-19-2011, 03:41 PM
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Quote:
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I now just have an automated reply that says if you need financing for a $3000 motorcycle your priorities are all fucked up!
I do not see any $3K bikes on your site, and what about financing for that german jalopy?

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post #23 of 24 (permalink) Old 10-19-2011, 03:43 PM
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I do not see any $3K bikes on your site, and what about financing for that german jalopy?
I'll do layaway on that hoopty!
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post #24 of 24 (permalink) Old 10-19-2011, 10:38 PM
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