Credit score drop right before delivery?

So trying to find out how screwed I am. Put in an order for an TRD ORP in early April and it's still 3 weeks away from getting delivered. I did the application at the dealer at the time of ordering and they told me I was approved. We signed a contract and all that was left was waiting for the 4Runner to come in. I have an existing 3 year old Tacoma lease with Toyota that I will be trading in.

Fast forward a month and stupid me and not setting up autopay for my student loan and I just got an update from credit karma. My score dropped 91 points from 800 to 709...

Now I have a pit in my stomach considering the timing here couldn't be worse. Really don't want the deal to fall through or the dealer to renege on the original agreement.

Would be a major blow to lose the 4Runner after waiting 2 months for it over this. Anyone have any experience with this kind of thing?

 

Relax.

For a score with a range between 300 and 850, a credit score of 700 or above is generally considered good. A score of 800 or above on the same range is considered to be excellent. Most consumers have credit scores that fall between 600 and 750.

EDIT: If questioned tell them the truth and have documentation to back it up.

 

Yeah I know it's not crazy low but I'm usually so careful with my credit score that this seems like a "are you freakin' kidding me?" moment to miss a $150 student loan payment.

With zero inventory everywhere I really do not want to have my hat in my hands with the dealer if Toyota Financial starts throwing a fuss about this.

 

It's called living. Crap happens. We're only human. Also, see the edit above ^.

 

Yeah I mean there isn't much to say. I guess I have to be prepared to walk if the interest rate or down payment get changed from the original agreement. I still have a Tacoma I guess so life could be worse? lol

but man I have been looking forward to the T4R for weeks, been bugging my dealer guys like once a week on shipping details lol. I guess I should have paid more attention to my bills. 91 points is steep though imo, never thought 1 missed payment would hit that hard.

 

I don’t think they will run it again. If they ran it once and you got approved, you should be good. You still have a good credit score.
Unrelated fun fact: I paid off my truck in full, 40k in one shot, after 6 months of ownership. My credit score went from 840 to 720. No missed payments, no new credit lines, credit cards, no missed payments. I guess they don’t like it when you don’t carry any debt.

 

that's insane! did it recover fairly quickly?

yeah so when I was at the dealer the finance lady brought me in, tried to sell me on all kinds of optional features. I said no like 5 or 6 times and then she did the app and it was approved on the spot.

Not sure if they ran credit though because I don't see any inquiries on my bureau? But the dealer manager said they are not allowed to order or secure units without credit approval so maybe' I'm clear? I just don't like how this is happening so close to the finish line, feels like something silly is going to happen to mess up the deal.

 

91 points is a big hit for 1 missed payment. But hey, who knows how they make those decisions. I can tell you my FICO dropped 11 points after having purchased mine(cash). Their(FICOS's) reason - to many credit checks ? So, the only thing I can figure is between the dealers check(s) I think they did 2 - one when we signed the purchase agreement and another the day we consummated the deal and(perhaps) my insurance company ran a check? Whatever - I'm getting to long in the tooth to let it concern me.

 

yeah I mean the score itself sucks to see but as long as it doesn't bone me out of the truck I've waited 2 months for I'll be okay. Score should recover over 5-6 months I figure.

 

I wouldn’t sweat it. Your Tacoma lease and new purchase probably briefly combined to make your debt-to-income ratio look bad. Once the lease is terminated, it’ll settle down within a few months. Credit scores can be flaky, but consistent good credit will take care of itself. Relax and enjoy your new purchase.

 

things is nothing has changed yet, I am still paying my old lease and the new one won't get added until the dealer delivers the truck, so mostly concerned this will cause the deal to fall through before I have take delivery.

 

It won’t. The dealership is more interested in the sale going through successfully than you are. Your score is good. Relax.

 

yeah, just can't believe the timing! plus it's a 4Runner so I know dealer won't sweat too much because there'd be a line out the door the moment they had to put it up for sale on the lot.

will think positive though lol

 

They already pulled your credit if you signed documents and are just waiting for delivery.

Easy enough to verify.

 

You will be fine.

 

One year to get back to 839. Besides mortgage and under 20k on the 4Runner, we pay everything in full every 2 weeks. Zero debt on credit cards, credit lines. We bring way more than 150k combined a year. The system is rigged and you are not good for the system with no debt. From now on, cash only, paid in full, fuck them.

 

Credit scores that high and dropped suddenly don’t really mean much .. unless your trying to close a home loan and locking on a low rate.

everyone else will still give you credit

 

My credit score through Credit Karma was 895 in early 2021. Just checked, it's down to 873. No reason for that. I never leave a balance on our credit cards, last cheque that bounced was a 100 years ago when ex-wife took care of the finances. Our combined income is over $200k Can. Mortgage is paid off and only have $11k on our LOC (bought a 1967 Fiat 500 for the father in-law as a surprise last month). Makes no sense why my score dropped...

 

Carrying debt LOC likely reduced your score. Soon as you pay on time a little it’ll go back up. These credit agencies are ridiculous.. pay off everything and score goes down, add new debt to create new payments and score goes down, run a credit check and another reduction hahah