Credit score for Ford financing deals?

[Rojo]

Anyone with a lower credit score, around 640-650, and a larger down payment have any issues? I have 8k ready for my down payment but I made some bad decisions about 10 years ago that are still haunting my credit score and I'm worried I'm going to get shafted on my interest rate

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[Tbolt]

Bought a house this year (and two cars) but my score took a hit when paying off my F150 early. I thought it would have been the opposite. Turns out they prefer to see a loan you have been paying on for awhile rather than paid off due to the utilization. No idea why that looks better but it does. The main thing though is to keep your credit utilization low and to pay everything on time. Takes years for a late payment to go away and stop hurting you.

 

[Decayed]

Part of your credit score involves the amount of unused credit you have. I opened a ford credit card because you get tons of ford points for using it. My credit score jumped about 20 points. I am going to use it for as much of my down payment as they will accept and get more ford points, then pay it off ASAP. Then I will use the points to help pay for a tonneau.

 

[Espeer]

I've found that if you see your score decreases a bit when paying off a loan, it typically means you had a high score to begin with, and even with the new, lower score, you'll still be high enough to get top-tier rates.

In other words, there is zero functional difference between the high 700s all the way to top.

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