Odyssey - Vehicle Loan and Impact on Credit History

sunilk_14

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?

cccompson

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?

shoughun

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...

jchan2

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.

rony1434

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

Karen_S

You might want to post your question over in this Smart Shopper forums topic:

Questions About Financing New Vehicles