Kubota loan lowers credit score VS PNC Loan raises credit score

[JOHNTHOMAS]

As you are uncertain yourself why your credit score changed your thread title qualifies as calumny.

(cal-um-nee) Maliciously misrepresenting another's words or acts, causing injury to that person's reputation; or falsely charging another with a crime.



It may be financing your $40,000 Kubota tractor (+ implements?) represents more debt than your earlier Ford and RTV purchases. It may be your income decreased due to retirement. Resale on Ford reasonably known, if repossessed. Tractor difficult to repossess and resale difficult to assess. None of these factors relate to Kubota "0%" financing, as your thread title maliciously asserts.

I agree that the heading is very misleading and detrimental to Kubota Credit Corp with no validity. Lots of people scan forums and just read headings and not the posts which makes your heading/post topic very misleading. Sure you had no malicious intent but you may want to consider your post topic standing alone the next time.:2cents:
Oops, I meant to not add commas and periods to my response because one troll from other equip owners likes to troll Kubota site and leave snide remarks due to his short comings or trying to cut other peoples participation on an open Kubota Owners forum. :cool2:

 

[Gem99ultra]

Its easy to get concerned when your credit score suddenly drops for no apparent reason. I recently saw mine take an 80 point drop in one month. Yeah, I was concerned. The reason seemed to be that I had an item large open idem on my credit card that went over their 'recalculate' date. Anything over 2% of my available credit line was a red alert to them. The open balance was paid well within their 30 days, but after their recalculate date. Credit score jumped right back up to the previous level.

I've also had my credit score drop due to not using my credit line. I sure don't understand their logic, but then, its their game - not mine. Sadly, it does effect our pocket book. My thinking is that if they decide to jack around with your credit score, i.e. your money, they should be required to notify you and to give you an opportunity to respond if appropriate.

 

[RoyKing]

I'm going to ask, but I doubt I'll get an answer. I'll report and I'll check the other two agencies. You can get annual report for free from each yearly.

 

[RoyKing]

So I ran my free credit report and found out why my score dropped. Kubota did a HARD ENQUIRE versus the SOFT ENQUIRE that previous banks used for loans. From reading the difference between soft and hard is the Hard publishes all the data about the loan. Whereas PNC used soft and did not publish.

So what can you read into this... Since the previous two loans were auto and I guess easier to retrieve it lowers their risk. Since I haven't bought any property I don't what kind of enquire that is.

My summary for last 27 years was Paid, Closed/Never late.

So my statement about Kubota credit, can't really answer the question. Why the hard VS soft, did auto VS equipment make difference. Haven't borrowed enough to know.

Also I have feeling that other stuff is used and gov't doesn't make them tell you unless you are turned down. Ford credit turned me down and said because I paid loans off early, or their words "didn't follow condition of loan ".

PNC stated they were just fine with early payoff.

Now you have more info, but it still is hazy to me.

 

[fried1765]

First off, your post is very hard to read due to lack of punctuation.

Second, 24 points is nothing. Mine varies by that much or more some months, but still averages about the same over the course of a year.

Third, ignore whatshisname.

Love it !!!

 

[RoyKing]

Number of hard queries (which they do before granting any credit)
Age of open credit lines (the shorter the more negative)
Number of open credit lines (they want a few, but none is as bad as to many)
Ratio of credit avalible to used (having lots of credit, but using little us good)

Most of those will negatively impact your credit score & most will be caused by taking out any loan. Kubota 0% or anything else. You probably want to learn what your credit score is based on if you are monitoring it & panicking when it changes.

Fallon, you seemed to be most informed of all of us. Can you explain why two car loans only generated soft enquires, while the Kubota produced a hard?

I'm not panicking, but when I see something I don't understand I like to find out the whys.

 

[Fallon]

Fallon, you seemed to be most informed of all of us. Can you explain why two car loans only generated soft enquires, while the Kubota produced a hard?

I'm not panicking, but when I see something I don't understand I like to find out the whys.

Soft querries are generated whenever anybody pulls your credit score. They dont count towards your credit score.

Hard querries are generated whenever your score is pulled for the purposes of granting credit. They do count negatively towards your credit score, but their impact doesnt last to long. I believe it's to make it harder to quickly get multiple lines of credit quickly. Even signing up for a cell phone plan will often generate a hard query.

No clue why those car loans didnt. Unless they just dropped off because they only look for them for a short duration. After a few months either you have that line of credit, or you dont, so the hard query is moot & the artifacts show up as an existing loan or what not.

 

[Ford850]

If you are a current PNC customer, they could use your history with them to reduce the viewed risk and only require a soft query. Plus you were paying interest on their loan, compared to a higher risk 0% interest loan from Kubota.

 

[atsah]

Income to debt ratio changed when you bought the tractor. 24 points is nothing, it will go back up soon..

 

[KTAC]

I represent KCC (Director of Operations) so you are getting information straight from the horses mouth. Almost all finance companies use a hard inquiry if you don't already have an existing account with them. For example, if you have an account with Bank of America and apply for an auto loan through them, they will probably only do a soft inquiry. If you want to use Toyota Motor Credit, you will probably get a hard inquiry. There is zero impact on your credit score by getting a 0% loan versus a rate at prime or some other %. Hopefully this helps...

Brian Carter