Would getting a homeloan be adversley affected if you've just gotten a new car loan?
2007-03-18 05:13:24 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
Yes, it will be affected for sure, because you have just taken on additional debt, plus the fact that the car loan is new so you have not established a payment history on it. Most likely a hard inquiry was done on your credit prior to the car loan being approved as well and that will hurt your credit in the short-term as well
2007-03-18 06:32:36 · answer #1 · answered by davidqtip 2 · 0⤊ 0⤋
it depends on what your credit score is and how much debt you have. Last year I bought a car in may and then we qualified for a home in july. So it didn't really affect my loan. But i didn't really have any other debt on credit cards and didn't have any other requests for credit on my report. So i would say it wouldn't affect you as long as your debt to income ratio is ok...
2007-03-18 12:18:25 · answer #2 · answered by aaron b 4 · 0⤊ 0⤋
Yes, it definitely will affect your debt to income ratio and your credit score because your "proportion to high credit is very high" Wait a couple of months and you should be fine, your scores should return back to normal.
2007-03-18 13:51:10 · answer #3 · answered by healthspot_2000 4 · 0⤊ 0⤋
Any new debt will affect the approval for another new debt. That may or may not be enough to make a difference.
2007-03-18 15:37:55 · answer #4 · answered by STEVEN F 7 · 0⤊ 0⤋