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Mom Confessions Mom Confessions

Why would buying a car

Anonymous
Posted by Anonymous
  • 38 Replies
And getting a loan from a bank not a buy here pay here place.... Make your credit go down 65 points?!
Posted by Anonymous on Sep. 17, 2013 at 8:01 AM
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Replies (1-10):
3guys4me
by Bronze Member on Sep. 17, 2013 at 8:02 AM
7 moms liked this
Because it lowers your debt to income ratio. Your income stays the same. Your debt increases. Your credit score goes down.
wooly
by Knitting Maniac on Sep. 17, 2013 at 8:03 AM

You might have too much debt with the added car payment loan.

Anonymous
by Anonymous - Original Poster on Sep. 17, 2013 at 8:03 AM
Okay but I traded it in. My debt barely changed


Quoting 3guys4me:

Because it lowers your debt to income ratio. Your income stays the same. Your debt increases. Your credit score goes down.

Anonymous
by Anonymous 2 on Sep. 17, 2013 at 8:04 AM
I think loans in general do that. You're more of a liability with open loans.
christina0607
by on Sep. 17, 2013 at 8:05 AM

Because now you owe money, lol. 

Anonymous
by Anonymous - Original Poster on Sep. 17, 2013 at 8:06 AM
And I owed money before. How does credit build without revolving loans?


Quoting christina0607:

Because now you owe money, lol. 


Anonymous
by Anonymous - Original Poster on Sep. 17, 2013 at 8:07 AM
But isn't open loans how you build credit anyway?

I'm so sick of trying to Tweek out my credit to make it perfect. It doesn't even make sense


Quoting Anonymous:

I think loans in general do that. You're more of a liability with open loans.

Fields456
by Ruby Member on Sep. 17, 2013 at 8:07 AM

It should go back up after a year.  If you have really good credit it doesn't affect your score as much if you have lower credit 

spastic_poodle
by Gold Member on Sep. 17, 2013 at 8:09 AM
Did they run your credit several times to find a place that would lend to you? That's a common culprit. They ran my fiance's credit with EIGHT different banks. Assholes.
Posted on CafeMom Mobile
Anonymous
by Anonymous - Original Poster on Sep. 17, 2013 at 8:09 AM
It was 712 before


Quoting Fields456:

It should go back up after a year.  If you have really good credit it doesn't affect your score as much if you have lower credit 


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