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Odyssey - Vehicle Loan and Impact on Credit History

sunilk_14sunilk_14 Posts: 19
edited March 20 in Honda
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?

Comments

  • cccompsoncccompson Posts: 2,388
    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?
  • 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...
  • jchan2jchan2 Posts: 4,956
    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.
  • Hi.
    Would it be possible to re-finance? What is involved in re-financing? Any help would be much appreciated.
  • Karen_CMKaren_CM Posts: 5,018
    You might want to post your question over in this Smart Shopper forums topic:

    Questions About Financing New Vehicles

    Community Manager If you have any questions or concerns about the Forums, send me an email, karen@edmunds.com, or click on my screen name to send a personal message.

This discussion has been closed.