Reply
Valued Member
michintom
Posts: 37
Registered: ‎01-11-2013

Re: Almost ready for a new auto loan?


MovingForward_2012 wrote:
Sounds good. Best of luck to you! :smileyvery-happy:

I just started using score watch so I'm not sure how accurate it is either but I do know lower utility usually means higher score!

Just got an score watch alert from myFico today.  My FICO score has gone up from 660 to 680 today :smileyhappy:

Did some research on the cars and finally found  a vehicle that fits my needds.  I'm planning on going with the 2013 Acura ILX Technology Package.  Requested a few quotes and the dealers replied with similar prices around $28,900 + tax + license fees + destination.  So around $30,000 I'm assuming which is $5,000 lower than the car I previous was interested in.

Do you know what credit score is required for Acura's teir 1 levels?


Starting Score: 660
Current Score: 691
Goal Score: 850


Take the myFICO Fitness Challenge
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: Almost ready for a new auto loan?

Yes I do. A 720 auto enhanced score is required for tier 1 lease financing through Acura. Mines was a 724 when they pulled it in Nov and they used transunion's score.

I leased a 2012 Acura TL and I absolutely love it! The price you quoted for the ILX is about right. The ILX is a nice entry luxury sedan. It has a 4 cyl engine but I heard it is pretty punchy. Good luck on your purchase! :-)
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: Almost ready for a new auto loan?

Oh and my TU fico on this site was around 718 when I applied.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Member
michintom
Posts: 37
Registered: ‎01-11-2013

Re: Almost ready for a new auto loan?


MovingForward_2012 wrote:
Oh and my TU fico on this site was around 718 when I applied.

Thanks for the replies!  I just saw the auto loan calculator on the main page and 7% APR isn't what I'm looking for at all.  I guess I'll wait till my Fico score hits 720 at least :smileyhappy:


Starting Score: 660
Current Score: 691
Goal Score: 850


Take the myFICO Fitness Challenge
Member
4thmouse
Posts: 31
Registered: ‎10-24-2012

Re: Almost ready for a new auto loan?

[ Edited ]

Why not save what your payment would be until your ready to buy. That way you have a descent down when you goto buy, you lower your payment and you are a touch closer to having some equity in the car.

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: Almost ready for a new auto loan?

With a lease, you shouldn't put more than $1,000 down. Just keep that in mind if you decide to lease.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Member
michintom
Posts: 37
Registered: ‎01-11-2013

Re: Almost ready for a new auto loan?


4thmouse wrote:

Why not save what your payment would be until your ready to buy. That way you have a descent down when you goto buy, you lower your payment and you are a touch closer to having some equity in the car.


I should be ready by end of this month or beginning of March.  Just got a text today from myFICO and my score has been updated to 684 :smileyhappy:

I paid off all my credit cards finally.  Would it be better to not use the cards or use 9% of each card and pay it off again?


Starting Score: 660
Current Score: 691
Goal Score: 850


Take the myFICO Fitness Challenge
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: Almost ready for a new auto loan?

You can continue to use your cards. Just make sure you pay it off before the statement cuts so that it continues to report the lower utility. Paying all of them to zero except one at 9% should maximize your scores.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Member
michintom
Posts: 37
Registered: ‎01-11-2013

Re: Almost ready for a new auto loan?

Thank for the reply. Hopefully I can hit 720 by March :smileyhappy:

Starting Score: 660
Current Score: 691
Goal Score: 850


Take the myFICO Fitness Challenge
Valued Member
michintom
Posts: 37
Registered: ‎01-11-2013

Re: Almost ready for a new auto loan?


MovingForward_2012 wrote:
You can continue to use your cards. Just make sure you pay it off before the statement cuts so that it continues to report the lower utility. Paying all of them to zero except one at 9% should maximize your scores.

Thanks for the reply!

Hopefully I'm doing this correctly.  My capital one is showing 0 balance and my amazon store card is at 9% util.  After my statement arrives, I'll pay off the card fully and hope for my score to go up again :smileyhappy:


Starting Score: 660
Current Score: 691
Goal Score: 850


Take the myFICO Fitness Challenge

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+