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I have a FICO of 699 and have been rebuilding my credit, I basically only have one credit card, which I had charged a little over 300 w/ a 500 balance however I paid it off so it is now only 30 however this isn't reflected on my Fico for probably 20 more days. Should I wait the until my credit card reflects the new lower balance before applying for a car loan?
Yes, you should wait until your new balance is reflected and updated on your credit report. Your balance plays a role on your scoring.
I too am waiting till the 9th of this month for it to update before applying for a loan.
Good Luck.
@Eve23 wrote:Yes, you should wait until your new balance is reflected and updated on your credit report. Your balance plays a role on your scoring.
I too am waiting till the 9th of this month for it to update before applying for a loan.
Good Luck.
+1. And because you are going from 60% utilization to less than 10%, you can expect to see a fairly nice score bump.
@Walt_K wrote:
@Eve23 wrote:Yes, you should wait until your new balance is reflected and updated on your credit report. Your balance plays a role on your scoring.
I too am waiting till the 9th of this month for it to update before applying for a loan.
Good Luck.
+1. And because you are going from 60% utilization to less than 10%, you can expect to see a fairly nice score bump.
+1 Walt is wise!
I hope you have other lines on your credit report. If the only thing on the report is one low limit credit card. The dealer might give a high rate because of the thin file.