@hybridbear I know it was the case with mortgages, but there is a certain credit score they are looking for as a minimum and if you are above that you get the minimum interest rate, if you are below it they added to the percentage every 10-15 points lower you were. So if you were 800+ to start I'd say you are fine, I don't think the cutoff starts until ~750. And I know that my credit score from Capital One/CreditKarma/etc is lower than the one Tesla pulled as I got it from them in the mail yesterday... As the one we get from credit checkers is for Mortgages and they usually pull a different one for Auto loan/financing that for most people tends to be higher. My score was ~40 points higher w/ Tesla than I show for my credit score checker sites.
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Chopr147
Active Member
I was advised the credit score needed to be 740 or above for the lowest interest rate. I was at 710 which upped my rate to 1.99%
So ummm five more days/daze until DELIVERY! Yesssssssssssss!
LAPG
Member
Congrats!
My delivery got pushed up an entire week (it will be this Tuesday the 2nd). I had to move a bunch of meetings around (and cancel some) to make it to it but that's fine with me!
jchag
Member
This is something I am concerned about. Like @javawolfpack I use my credit cards for everything I can to get cash back rewards and pay everything off each month. I have never paid a cent of credit card interest in my life, while getting hundreds of dollars per year in cash back. The credit card companies must hate me
After researching credit score calculations in more detail about 6 months ago & using Capital One's simulator that I can access when logged in to my account with them, I determined that not only does credit utilization matter, but also the number of accounts with balances. I have one main credit card that offers 1.5% cash back everywhere and some others that have special categories of 5% or so cash back. For the ones that I use only a little each month, I've started paying them off right before the statement cycles. This way I can still use them and get 5% cash back for certain purchases, while having them show a $0 balance at each statement on my credit report. This has pushed my credit score up to around 820 according to the Capital One simulator.
When I placed my Model S order I used my 1.5% cash back card for the $2500 deposit. I was planning to pay that before the statement cycled so that it wouldn't impact my utilization ratio. I requested that Capital One change my statement date to give me more time to hang onto that cash so that I could coordinate the timing of payments with the future credit application to maximize my score. Unfortunately, Capital One didn't change my statement date so my last statement cycled with the $2500 Tesla charge and a number of other expensive purchases. According to the Capital One credit score reporting info, this dropped my credit score about 30 points & put me down under 800 because my utilization went from being around 2-3% to being around 9-10% since I have about $3500 more in credit card balances thanks to Capital One not changing my statement date...
So now I am hoping that my financing application won't be impacted. However, since Capital One will likely now change my statement date, that means that they won't report again to the credit bureaus for about 1.5 months which will further mess me up! I was going to pay at least $2500 to Capital One early in case they didn't change my statement date, but I was busy traveling and I missed getting it submitted on time. So now I'm really ticked off!
Anyhow...any update on delivery, the purpose of this thread... I received the e-mail last night that my Model S has entered production. The delivery window did not change yet & still shows Late August - September. I will update the spreadsheet now.
An 800 FICO is way more than needed to purchase a Tesla. The big question is do you have the income to back up that high FICO. I got my loan 100% including tax with a FICO of 757 with lots of other debt. The wife and I make under 1/4 mil a year. Good luck
My Tesla page updated!!!!1!1!!!1!!!
"Your estimated delivery window is July 30, 2016 - August 6, 2016"
That is on par with my MVPA est delivery of Aug 3rd. I am feeling ever more confident that my baby is on the same trasnport as the rest of you who have scheduled delivery in the DC area. Now, if my DS can just get back from where ever he is and get my appt on the books!
"Your estimated delivery window is July 30, 2016 - August 6, 2016"
That is on par with my MVPA est delivery of Aug 3rd. I am feeling ever more confident that my baby is on the same trasnport as the rest of you who have scheduled delivery in the DC area. Now, if my DS can just get back from where ever he is and get my appt on the books!
C_A_Braun
Meet "Voodoo", Our S75 & "Solo Cup", Our Model 3
Something else to keep in mind with regards to Alliant credit checks is that they use Equifax. I have security freezes on all of my credit files and have to pay $10 to "thaw" each bureau when applying for credit. So I asked my sales guy "Which bureau(s) will need to be thawed" and he told me "Experian and Transunion". I spent $20 to thaw those and the next day after submitting my credit application I got a call from Alliant letting me know that I had to remove my freeze. I said I did on EX and TU and that is when he told me they use EQ. So I thawed Equifax and I was golden. I then called my sales guy and requested $20 of SWAG for the bad info he gave me. I got several Tesla hats and T-Shirts.
For those that use their credit card for the points and cash back, like me, I always pay my balance whenever a new charge is posted. I use Mint to track all that stuff and if I use my card for a purchase today and it posts on Monday, I will login to my credit card website that night and pay it off. That way I never cary a balance for more than a few hours, never get charged interest, never get stuck with a higher interest rate on a loan and collect the cash back or other points without any problems. My credit score is 12 points shy of a perfect 850 and that is only because of the recent Tesla loan application hit that it took.
For those that use their credit card for the points and cash back, like me, I always pay my balance whenever a new charge is posted. I use Mint to track all that stuff and if I use my card for a purchase today and it posts on Monday, I will login to my credit card website that night and pay it off. That way I never cary a balance for more than a few hours, never get charged interest, never get stuck with a higher interest rate on a loan and collect the cash back or other points without any problems. My credit score is 12 points shy of a perfect 850 and that is only because of the recent Tesla loan application hit that it took.
Something else to keep in mind with regards to Alliant credit checks is that they use Equifax. I have security freezes on all of my credit files and have to pay $10 to "thaw" each bureau when applying for credit. So I asked my sales guy "Which bureau(s) will need to be thawed" and he told me "Experian and Transunion". I spent $20 to thaw those and the next day after submitting my credit application I got a call from Alliant letting me know that I had to remove my freeze. I said I did on EX and TU and that is when he told me they use EQ. So I thawed Equifax and I was golden. I then called my sales guy and requested $20 of SWAG for the bad info he gave me. I got several Tesla hats and T-Shirts.
For those that use their credit card for the points and cash back, like me, I always pay my balance whenever a new charge is posted. I use Mint to track all that stuff and if I use my card for a purchase today and it posts on Monday, I will login to my credit card website that night and pay it off. That way I never cary a balance for more than a few hours, never get charged interest, never get stuck with a higher interest rate on a loan and collect the cash back or other points without any problems. My credit score is 12 points shy of a perfect 850 and that is only because of the recent Tesla loan application hit that it took.
Good info here. I also use my credit card for purchases but just need to pay them daily it seems to keep the charges low if/when Alliant pulls again. I was pulled on 7/6 and don't think I will make it for my car prior to then and will need another pull.
Doesn't help when my DS never replies and answers questions about Alliant and the process.
onetruebob
Member
My DS still insists that i remain in production slot for Aug 16. I pressed why its taking more than 4 weeks to go into production and the answer is sometimes things change and get slotted differently in production. Specially mentioned that most of the white car orders she has have been slotted for mid august.
I was hoping to get it before school start but now it doesnt seem like i will have the delivery before the school year start
my DS said she put a priority on it a week ago but nothing changed until now and still shows production queue.
I was hoping to get it before school start but now it doesnt seem like i will have the delivery before the school year start
my DS said she put a priority on it a week ago but nothing changed until now and still shows production queue.
C_A_Braun
Meet "Voodoo", Our S75 & "Solo Cup", Our Model 3
If you have a great score, you can ask Alliant to consider that fact instead of pulling again if the process takes longer than 30 days. That is what I did. When I realized my 30 day window was going to expire I called my guy Alliant and basically said "look dude, you know I have a great credit score. Can you please extend my application so you dont create a 2nd hard hit on my score as well as costing me another $10 to thaw my security freeze. He told me no problem and took care of it. Funny after the 30 days expired I got the standard form letter from Alliant telliing me that I would need to reapply as my application had expired. I called my guy and said "HEY YOU TOLD ME THAT I WAS GOOD TO GO" and it turned out I was. I now have possession of my car and my loan and only the 1 hit on my score for the single application for credit.
Buddy
Member
My DS still insists that i remain in production slot for Aug 16. I pressed why its taking more than 4 weeks to go into production and the answer is sometimes things change and get slotted differently in production. Specially mentioned that most of the white car orders she has have been slotted for mid august.
I was hoping to get it before school start but now it doesnt seem like i will have the delivery before the school year start
my DS said she put a priority on it a week ago but nothing changed until now and still shows production queue.
For what it's worth, our vehicles are very similar and I ordered 3 days prior to you. My DS also told me he is expecting my car will begin production mid August.
You did receive your VIN before I did so that may put you ahead of me. I am in California so that may mean less shipping for me.
All that said, I'm going to pay attention to your updates and wish you the best.
Keep me posted with your updates as well. Lets hope we both get into production sooner than the target date.
hybridbear
Active Member
You could always wait till the day of or just before expiration of your original credit pull, then originate the loan. A little unorthodox if you don't have possession of the car yet, but if it's just a few days till delivery, paying a couple days of interest sans a car beats the second pulling of credit and the risk of dropping below 740.Good info here. I also use my credit card for purchases but just need to pay them daily it seems to keep the charges low if/when Alliant pulls again. I was pulled on 7/6 and don't think I will make it for my car prior to then and will need another pull.
Doesn't help when my DS never replies and answers questions about Alliant and the process.
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