topic Re: Need guidance in Rebuilding Your Credit

Need guidance

ando35 — Thu, 20 Sep 2012 13:26:05 GMT

Ok, so I worked for a year and got my score from 600 to 650 and 665. Then, I had to max out my mattress card and buy a new car. As a result, I went down to 630. I was told my score will go up 2 points a month or something as this car loan helps me. Thing is, do I need to get my Util down to 10% in order for the car loan to start affecting me ion a positive way?

Re: Need guidance

ando35 — Sat, 22 Sep 2012 23:48:03 GMT

Wow, not one reply?

Re: Need guidance

Shogun — Sun, 23 Sep 2012 00:45:36 GMT

ando35 wrote:
Ok, so I worked for a year and got my score from 600 to 650 and 665. Then, I had to max out my mattress card and buy a new car. As a result, I went down to 630. I was told my score will go up 2 points a month or something as this car loan helps me. Thing is, do I need to get my Util down to 10% in order for the car loan to start affecting me ion a positive way?

You took an initial hit with the Inq and a hit on your AAoA with the posting of the new car loan. Those hits will diminish quickly with a little aging. The max out on the mattress card will affect your score. Once you pay down your util your score will rebound.

Re: Need guidance

ando35 — Sun, 23 Sep 2012 16:43:37 GMT

Thank you!