Question for fla-tan

Discussion in 'Credit Talk' started by Future1966, Jul 2, 2002.

  1. Future1966

    Future1966 Well-Known Member

    I know that it is inadvisable to purchase a new vehicle, etc. after you have received a pre-approval from a mtg co (pending payment of CAs, etc).

    However, what if I traded in my vehicle for one with a significantly lower payment? Say, $50-$100 difference? Could this actually look even better to the underwriter, or might I be shooting myself in the foot to make a trade at all?

    Reason I'm asking is that a local dealer is offering me 120% of my payoff on my vehicle if I will purchase a car from their lot.... Wondering if it would be okay to do this...or if I should just wait until after I close on my home. Granted, that may be awhile, since I'm negotiating settlements with the CAs....

    :) Thanks!
     
  2. ohnostuck

    ohnostuck Well-Known Member

    WAIT even ONE Fico point could hurt,.
     
  3. Future1966

    Future1966 Well-Known Member

    I'm doing the FHA 203K thing... The mtg guy says my scores are not counting, just my past 2 yrs of history, my long employment history, and my salary. :)
     
  4. fla-tan

    fla-tan Well-Known Member

    Future

    I would talk with your mtg person and get their opinion. I don't want to give you one answer and have them think you are going behind their back. I will say that generally, anything you do creditwise between the time you are approved and the time you close is not a positive thing. Most lenders will want an explanation of any inquiries that arise.

    fla-tan
     
  5. Future1966

    Future1966 Well-Known Member

    Okey-doke. Thanks... :)
     

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