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Paid off an autoloan, trying to get a new loan questions


uab
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Here the deal. I got an accident and my car got totaled. Yesterday i got the payoff amount and sent it to the bank. That was a for a new car if that matters.

Now im just waiting to get my title back so the insurance will send me the remainder which i will use as downpayment.

My questions are, how long will it take for the bank to update my report? because if i apply for a new one, and it still shows as a open account with balance, my income/debt ratio would be too high, right?

Another question, does it matter if if apply for a loan with the SAME loaning institution? will i be able, as a returning custumer, to get a lower rate if i my credit score has dropped a few points?

and finally, does having a Co-signer help in not just getting the loan approved, but with lower rates as well?

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My questions are, how long will it take for the bank to update my report? because if i apply for a new one, and it still shows as a open account with balance, my income/debt ratio would be too high, right?

Another question, does it matter if if apply for a loan with the SAME loaning institution? will i be able, as a returning custumer, to get a lower rate if i my credit score has dropped a few points?

and finally, does having a Co-signer help in not just getting the loan approved, but with lower rates as well?

I dont know about getting the CR updated but from experience I can tell you that if the reporting goes though the 'normal' channels it could up to 45 days. if you need it reported sooner, ask them to report it right away and tell them why.

I think speaking to your current lender about the situation is a good idea. They will put some weight on your history with them. Its hard to say for sure though without any other details regarding whats going on with your CR. It couldnt hurt. If your a good customer, they will want to keep you.

As far as the co-signer thing goes, i'm not sure, if you need that and if so, if it will help. What are your scores compared to the scores of the co-signer? Again, I would ask the lender.

J

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My questions are, how long will it take for the bank to update my report? because if i apply for a new one, and it still shows as a open account with balance, my income/debt ratio would be too high, right?

That has always been a sore subject with me.

Some creditors are really good at updating your credit reports right away.

Other suck big green donkey [EXPLETIVE DELETED].

45 to 90 days is common for some sloppy outfits and hounding doesn't help any. Many of these outfits don't have a clue about credit reporting and some palm it off to a third-party vendor so the creditor is almost entirely out of the loop.

I tried disputing with TU in an effort to get an updated balance to show up on my credit report faster and that was such a big mistake.

TU is trigger happy in deleting good positive trade lines (but almost never with bad ones). I have a number of good trade lines deleted because the bonehead creditor didn't respond within 30 days and it is a big pain in the [EXPLETIVE DELETED] in trying to get a trade line re-inserted.

If you go to a bank or credit union that actually uses a real live human being in making loan decisions, you can easily tell that loan officer that your car loan is paid off thus your debt to income ratio is better. They will take that into consideration. They can't do anyting about the credit score but they will take that into consideration.

But if the outfit is the type to make their decision in ten seconds, then you can kiss that bit of information goodbye because the decision is solely based on the credit score and their criteria.

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Another question, does it matter if if apply for a loan with the SAME loaning institution? will i be able, as a returning custumer, to get a lower rate if i my credit score has dropped a few points?

This depends if the financial institution uses a real live human being that takes everything into consideration. If this outfit ONLY uses a computer to make the decision based on your score and other criteria, then that won't help you much at all.

I have actually been turned down by outfits in which I paid in full installment loans consecutively.

As a result, I now do business with lots of banks or credit unions. This way I already have a relationship and history with many financial institutions in the event one outfit turns me down.

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