I Want to Buy A New Car My Fico Score Is Up This Month?

Question

My Fico score is usually around 745, now for some reason it jumped up to 774 this month.

I want to buy a new car, should I rush out and buy one this month in case it goes down again next month?

Or not worry?

Is there a big difference between 774 and 745?

Answer 1

Your score may be good...but before you rush out and buy anything make sure you can afford it.

Having a high score doesn't mean you have a high cash flow. If you can pay the loan...go for it....your score will have you in the choicest interest rate club.

Answer 2

not to worry its a decent score

Answer 3

Anything in the 700's is above average, so I wouldn't worry about running out and buying a car quickly.

Answer 4

Lucky you ---- your score 745 or 774 is excellent and I don't think you should worry it's good regardless because you are in the 700 range

Answer 5

First, the first and second link talk about credit scores and the "average" credit score.

Second, this link, specifically gives an example of when you buy a car, how the interest rates are and whatnot, versus your FICO score:  http://money.howstuffworks.com/credit-sc...

Fair Isaac and FICO say that the average credit score is 723.

READ ON!:

"Since there's no 'score cutoff' used by all lenders, its hard to say what a good FiCO score is outside the context of a particular lending decision. For example, one auto lender may offer lower interest rates to people with FICO scores above, say, 680; another may use 720, and so on. Your lender may be able to give you a guidance on their criteria for a given credit product." (on the right of page 17 of the booklet, on actual page 19 of the Adobe PDF file - "UNDERSTANDING YOUR FICO SCORE") (http://www.myfico.com/crediteducation/br...

Answer 6

Scores of 720+ will get you the best rates. 774 is a good score and so is 745. You will qualify for the best available rates.

Answer 7

Yes, there's a little of a difference but don't go out buying cars all willy nilly if you don't have the money buying a car is a serious thing. Yes, it would be good if you bought the car now but make sure you have your head on straight and not buying whatever car because of your fico if you find the right car then go right ahead.

Answer 8

Auto finance is what I do for a living and anything 740 and up gets the same rate.