kafarrell

3 Contributions 7 People Helped

Member Since: June 2012

Most Helpful Contribution

If I apply for a car loan with two different lenders, will that lower my credit score?

Mar 10, 2015
Auto Loans
Helpful to 4 out of 4 people

I just applied with 4 different banks for an auto loan and chose the best rate.  My credit score with Equifax dropped 31 points!  I can't believe that the 31 points was just because of the car loan.

Activity (3 Total Contributions)

If I apply for a car loan with two different lenders, will that lower my credit score?

Mar 10, 2015
Auto Loans
Helpful to 4 out of 4 people

I just applied with 4 different banks for an auto loan and chose the best rate.  My credit score with Equifax dropped 31 points!  I can't believe that the 31 points was just because of the car loan.

LightStream

Dec 21, 2014
Best Rate, Amazing, Quick, Easy
Helpful to 3 out of 4 people

Lightstream is a division of Suntrust Bank, which is who I have 3 mortgages through.  I applied for a 25K loan for a 2012 Audi A5 Convertible on 12/20 at 7:14pm because of their 1.99% rate on a used auto loan, 60 months, got this reply:

Thank you for considering LightStream for your financial needs. We have received your application and will be reviewing it shortly. We will email you during our normal business hours, no later than Monday morning, December 22, 2014 Pacific time regarding our credit decision or any questions that we may have.

Got this email on Sunday 12/21 at 12:29pm:

Your loan application has been approved! Your interest rate will be 1.99% based on the loan purpose you selected, the terms of your loan, and your credit profile. Please note that you must use your loan proceeds for the loan purpose that you indicated in your loan application.

and at the bottom of the email:

Important Reminder:

Do NOT have LightStream listed as a lienholder on your vehicle title or loss payee on your insurance policy. If your lender or insurance company inquires, just tell them that you did NOT use secured financing. This will save each of us paperwork hassles in the future. Thanks!

I don't understand them not wanting to be listed as loss payee, but I'm not complaining.

Is it better to pay off a credit card every month or make payments toward the balance every month?

Jul 19, 2012

In my situation it would raise my score from 702 to 740 if I paid off my credit cards... about $15K to pay off $85K available.  I don't know what else I can do to raise my credit score.  Everything is/has been paid timely.  I could cancel a couple that are short term cards, but my longevity score is 688, which isn't bad... the only reason I got a couple new ones were for promotional reasons.  Any help would be appreciated.