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Old 11-18-2009, 09:14 AM
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Join Date: Nov 2009
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Default Will taking out an auto loan hurt my chances of...

...qualifying for a mortgage? To any of you qualificed financiers out there, I have a very serious question for you.I'm 23 years old, with little debt (approx 8k in student loan debt that isn't even reported on freecreditreport.com), and a six month credit history on a small line of credit that has brought me a credit score of 725.I'd like to buy a house within the next 6 to 12 months (I just need to accumulate the downpayment and probably add a line of credit of some kind to my history) ... however part of me would also like to finance a new car. I make approx. $22,000 a year by myself and have no issues paying my bills on time (hence the good credit score).My question is, would taking out a $6,000 dollar loan to buy a car hurt my chances of being qualified for an 80k, 90k mortgage? Would it improve my chances? ... or would it make very little difference?I would appreciate a source or two if you've got them.
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