Got my New Car...

Bought a new car today, gang, and as usual there are now letters I have to write the CRA's!!! Nothing ever goes the way it should.

The car and financing went great...that wasn't a problem BUT when I got home I was curious who they pulled and how the inquiry showed up so I pulled all three reports online. They used Experian.

First, they must have entered a 1(one) before my street address number because now I have a second address same as the first except the number has a one in front of it. Duplicated and wrong. It wasn't there yesterday so Honda must have entered it that way. Funny how it is so easy, by a creditors typo, to get an additional address added to your report, isn't it?

Secondly, there are TWO inquiries each coded differently. The first is the Honda dealership which is coded correctly as 'auto loan'. The second is the Honda Finance company and it is coded incorrectly as just 'permissable purpose'.

Good news is I got the lowest interest rate, very easily, that I've ever seen for my car at 1.9%. As far as I know, at least in my area, Honda has never had a 0% offer and I got tired of waiting to see if they ever would. Anyway, they kept telling me what great credit I have. I had thought, because our mortgage is so high and my income alone would make the debt/income ratio (because of mortgage) out of whack, that I'd have to have hubby be there to sign on the loan with me. Fortunately, they worked with me because his schedule prohibited him from being able to come in to the dealership for awhile and got me the loan on my own. They took into consideration that we are married and he has very high income. They did do a report on him to verify that but in the end I was able to drive out with my car without having to wait until he would be available to come in and sign loan papers. They did the loan in my name only.

All in all I'm happy. I'm delighted to have a new car. I was too attached to my old one and kept putting it off.

Also, because I have had to deal with identity mixup problems in the past the inquiries and address problem are so very minor they pale in comparison and really, I wasn't at all surprised.

Honda pulled Experian and my EX FAKO score was 768. EQ FICO is 770 and TU FICO is 766

 

Thanks jdog and marci. It feels sooo good. I'm glad I waited.

Had I tried to do this a year and a half ago w/o hubby I would have been paying a much higher interest rate. My low scores then, I think, were somewhere around 630ish.

It pays to be patient. Back then I had a messed up file because of an identity mixup, a coupla 30day lates, and high balances. Agressively paying off a lot of debt was the biggest booster, overall, after getting another womans credit history off of my report.

Right now I have:

Auto Loan at 1.9%

ATT/Universal cc BT 6 months at 3.9% 15,000 limit

First USA cc BT 6 months at 0% $15,000 limit
(yeah, who would have thought FUSA! - they've actually been good to me lately.)

Citi Select 10.24%, $15,000 limit (0 bal)

Citi Advantage World Plat 13.65% $15,000 limit (0)bal

Juniper (Yuck) 16.99% $17,000 limit (0 bal)

A year and a half ago I was paying 18 and 19% interest and had high balances.