I recently moved and I took a hit on my credit, how will this affect my car I will finance?
So I am getting a new vehicle since I have a VW tdi which is affected by VWs diesel scandal, allowing me to get a full msrp buyback on the vehicle, they pay you what you have paid for the car already, and pay the loan off so youre debt free in regards to having that vehicle.
Recently I moved from an apartment to renting a house and I found that the move was very expensive. It pushed my credit card which always hovered at about $2500 out of its $6500 limit, then i would always pay off my card in bulk every pay check, never missing a payment, never owing. My credit score sat at about 724 for the longest time.
Through the recent move, I am sitting at $5500, and im working on lowering it but I have already taken a hit to my credit which is now 693.
My vw buyback date is june 27th, i drop the car off and then within a day or two i will have my money deposited to my account which I will use part of it to wipe my debt clean and start fresh.
How will a credit score of 693 affect my car financing ability while im looking at something that cost $30,000? Should I wait until my debt is wiped before I finance? Im hoping a history of always paying on time will allow for some leniency.
Posted Jun 17, 2017, 10:19 AM UTC